Tesla Model Y outsells 2nd place ID.4 by 4x in Norway, 97% electrified in May
Monthly Norwegian auto sales numbers are in, showing once again how heavily dominant EVs are in the country, with one Norwegian outlet saying “the Tesla boom will never end.”
Norway releases monthly sales numbers for the entire country, giving us an easy way to see exactly how many cars of each model were sold. Those statistics include an entry for powertrain, giving us an easy way to see how the country is doing as the global leader in EV progress.
And as we see every month, the country’s non-EV sales continue to vanish, while EVs dominate – particularly Tesla.
In May, 80.7% of cars sold in the country were fully electric. This is down slightly from the 2023 average of 83%, but higher than last year’s May numbers, which stood at 73%.
| May 2023 | January-May | |
|---|---|---|
| Tesla Model Y | 2691 | 12,328 |
| Volkswagen ID.4 | 738 | 2712 |
| BMW iX1 | 594 | 1197 |
| Toyota RAV4 | 580 | 1139 |
| Volvo XC40 | 539 | 2398 |
| Skoda Enyaq | 504 | 1750 |
| Audi Q4 e-tron | 386 | 1191 |
| Ford Mustang Mach-E | 372 | 1132 |
| Toyota Yaris/Yaris Cross | 363 | 1399 |
| Volkswagen ID. Buzz | 308 | 782 |
| Toyota Corolla/Corolla Cross | 295 | 1038 |
| Hyundai Ioniq 5 | 270 | 701 |
| Audi Q8 e-tron | 257 | 511 |
| Volkswagen ID.3 | 256 | 1895 |
| Toyota C-HR | 251 | 480 |
| Volvo C40 | 248 | 695 |
| Hyundai Kona | 221 | 721 |
| Nissan Ariya | 215 | 799 |
| Toyota bZ4X | 208 | 2180 |
| Nissan Leaf | 200 | 1094 |
What’s more interesting is that there are now virtually no gasoline- or diesel-only car sales in the country. Of the remaining cars that aren’t fully electric, 16% of sales are hybrid (including plug-ins) and only 2.1% are diesel-only and 1.2% are gasoline-only. These numbers are down from 3.7% and 4.2% respectively from the same month last year.
So while there are month-to-month fluctuations, the trend is still clear. Cars without some type of battery in them are vanishing from Norway’s dealer lots – and not because they’re being sold out, but rather because nobody wants them.
As for breakdowns by model, the Tesla Model Y is the most popular vehicle in the country by a huge margin. The Model Y was recently declared best-selling car in the world, the first EV to do so. While Norway is a comparatively small market, its strong performance in the country certainly doesn’t hurt.
So far this year, Tesla’s most popular model has sold a whopping 454% as many units as its closest competitor, the ID.4, with 12,328 sales compared to the ID.4’s 2,712. The Model Y represents almost a quarter of all car sales in Norway since the start of the year, with 24.2% market share for this single car model. In May alone, the Model Y beat the ID.4 with “only” 364% as many sales, but monthly numbers are less reliable with Tesla due to the way the company ships cars.
Tesla as a whole has a 26.3% market share this year, making it the country’s #1 brand (though the Model Y would qualify as such all on its own, since it accounts for the vast majority of Tesla’s sales).
Tesla’s sales numbers have been helped by massive price cuts, keeping its cars competitive in an environment where customers around the world are starting to cut back due to economic fears and higher interest rates making car loans more expensive. In Norway, as in other countries, buyers have moved a little downmarket in response to these economic changes.
Electrek’s Take
Norway has targeted a 2025 end to gasoline-vehicle sales in the country, though trends suggest that they could get there even earlier than that. EV sales have somewhat plateaued with less rapid progress in the last year or so, but they seem to be following the same S-curve that many technological changes follow, with some laggards sticking around longer than anyone would like at the end of the curve.
So I would say that Norway has basically met its target, but any more progress towards complete elimination (and conversion of those remaining hybrids to all-electric) is welcome. In fact, Norway’s current 80%+ BEV share is enough to meet California’s 2035 gas car ban, which will actually still allow 20% of vehicles to be plug-in hybrids.
In fact, Norway has been so successful with EV sales that the country is even rolling back EV incentives to focus on walking and cycling instead, a step toward more sustainable transportation than even EVs can provide. And manufacturers are pulling gas cars out of the country, some with only a couple days’ notice, recognizing there’s no point to stocking vehicles that are only going to get single-digit sales numbers anyway.
Progress like this shows how regions can meet EV targets early, and how setting those EV targets can send a signal to consumers and manufacturers to adapt early so they aren’t left with a gas-powered albatross around their neck when the time comes.
This is a warning to manufacturers: the same is going to happen (and is already happening) elsewhere. As consumers catch on to the superiority of EVs, as governments (hopefully) catch on to the severity and urgency of climate action, sales of fossil-powered cars will have to dry up, and quick. And car development cycles are slow, so you better have already started working on this or things could go poorly.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?
Hyundai and Kia shift to lower-priced EVs
Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.
In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.
The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.
Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”
The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.
Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.
More affordable electric cars are on the way
Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.
The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.
Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.
Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).
According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.
Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”
Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.
After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.
While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.
Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.
Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.
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As EVBox shuts down its Everon business across Europe and North America, EV charging provider Blink Charging is stepping up to offer support to customers caught in the transition.
EVBox’s software arm Everon recently announced it’s winding down operations alongside EVBox’s AC charger business. That’s left a lot of charging station hosts and drivers wondering what comes next. Now, EVBox Everon is pointing its customers toward Blink as a recommended alternative.
Blink says it’s ready to help, whether that means keeping existing chargers up and running or replacing aging gear with new Blink chargers.
“EVBox has played a significant role in the growth of EV charging infrastructure across the UK and Mainland Europe, and we recognize the trust hosts have placed in its solutions,” said Alex Calnan, Blink Charging’s managing director of Europe. “With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations. At Blink, we want to assure Everon customers that we are here to help them navigate this transition.”
Blink says it’s able to offer advice, replacements, and ongoing network management to make the changeover as smooth as possible.
Everon users who switch to Blink will get access to the Blink Network portal via the Blink Charging app. That opens up real-time insight into charger usage and lets hosts set pricing, manage users, and download performance reports.
“At Blink, our charging technology is future-ready,” added Calnan. “With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles and charging habits.”
The company says its chargers are in stock and ready to ship now for any Everon customers looking to make the jump.
In October 2024, France’s Engie announced it would liquidate the entire EVBox group, which it said posted total losses of €800 million since Engie took over in 2017. EVBox is closing its operations in the Netherlands, Germany, and the US.
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