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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
via

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.

Hyundai-IONIQ-5-V2L-Norway-EV-share
Hyundai pulled all of its gas cars out of Norwegian dealers with just a couple days’ notice

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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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

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The Genesis GV60 MIV is one hardcore EV that climbs mountains [Video]

The luxury carmaker channeled its inner superhero with this one. Genesis unveiled the new GV60 Mountain Intervention Vehicle (MIV) this week in Switzerland, an off-road EV that can climb mountains. The concept is designed for extreme rescue missions. Check it out below.

Meet the Genesis GV60 MIV rescue EV concept

Genesis showed off the new GV60 MIV this week at the World Economic Forum (WEF) in Davos, Switzerland. Crowds lined up to see it at the AMERON Davos Swiss Mountain Resort, not far from the WEF venue.

Based on its first dedicated EV, the GV60, the concept is designed to tackle extreme terrain and weather on rescue missions.

The purpose-built vehicle gains off-road elements like snow tracks and medical and emergency communication systems for rescue missions on mountains or other extreme terrain. Other upgrades include a custom heavy-duty roof rack and rear hatch rack.

Genesis added large carbon fender flares to warn those nearby and protect the vehicle from damage in extreme weather.

With a fully electric powertrain, the Genesis GV60 MIV has no tailpipe emissions, protecting the environment. It’s also nearly silent, with minimal noise pollution.

Inside, the off-road electric SUV includes custom sports seats, adding to the GV60’s already impressive interior design.

The concept follows the upgraded GV60, revealed earlier this month. Genesis updated it with redesigned front and rear bumpers, more tech, and added luxury.

Genesis GV60 MIV concept (Source: Genesis)

Like the new 2025 Hyundai IONIQ 5, based on the same E-GMP platform, the upgraded GV60 is expected to feature a bigger battery providing more range. Powered by an 84 kWh battery, the 2025MY now has up to 318 miles range, up from 303 miles in the outgoing model (77.4 kWh battery).

The 2025 Genesis GV60 starts at $52,350 in the US and has a range of up to 294 miles. Once the upgraded model arrives in 2026, the electric SUV could have a range of up to 300 miles.

2025 Genesis GV60 trim Range
(EPA-est)
Starting Price*
Standard RWD 294 miles $52,350
Standard AWD 264 miles $55,850
Advanced AWD 248 miles $60,900
Performance AWD 235 miles $69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)

What do you think of the GV60 MIV? Should Genesis get these onto the mountains? Or should it stick to on-road luxury cars? Let us know in the comments.

Ready to try out the electric luxury SUV for yourself? With the 2025 models arriving, Genesis is offering generous discounts on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.

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LNG pure-play Venture Global’s IPO tests appetite for energy stocks under Trump administration

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LNG pure-play Venture Global's IPO tests appetite for energy stocks under Trump administration

A ship carrying liquefied natural gas (LNG) is towed out of the Port of Rotterdam on January 13, 2025 in Rotterdam, Netherlands.

Pierre Crom | Getty Images

Natural gas exporter Venture Global will begin trading Friday in the first major initial public offering under the Trump administration, testing investor appetite for energy stocks as the White House looks to implement a sweeping agenda aimed at boosting oil and gas production.

“The Trump administration has made very clear they support growing LNG exports,” Venture CEO Mike Sabel told CNBC in an interview Friday.

Venture Global is currently the second-largest LNG exporter in the U.S. behind Cheniere. Venture priced its initial public offering of 70 million shares at $25 to raise $1.75 billion for a total valuation of $60.5 billion.

This is far below the company’s original target. Venture had originally planned to offer 50 million shares in a range of $40 to $46, which would have raised about $2.2 billion at the midpoint for a total valuation of $110 billion.

Still, Venture’s IPO is the largest by an oil and gas company in a decade and the fourth-largest since 2000. At a valuation of around $60 billion, it would be the tenth-largest publicly traded energy company.

Venture is locked in arbitration with customers, including majors such as Shell, over contracted deliveries from its Calcasieu Pass plant in Louisiana.

President Donald Trump on Monday declared a national energy emergency and issued an executive order overturning the Biden administration’s pause on new LNG export projects, removing a potential obstacle to Venture’s growth.

Trump’s policies, combined with cold winter weather and expected robust demand from artificial intelligence, is helping to drive both natural gas prices and related stocks higher. Cheniere shares, for example, have climbed more than 20% since Trump was elected. Natural gas prices rose 44% over that same time.

This is a breaking news story. Please check back for updates.

Don’t miss these energy insights from CNBC PRO:

Correction: Venture Global’s CEO is Mike Sabel. An earlier version of this story misspelled his name.

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Rivian (RIVN) has several automakers ‘knocking on our door’ for EV tech

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Rivian (RIVN) has several automakers 'knocking on our door' for EV tech

Rivian (RIVN) already has several automakers reaching out about potential supply deals for software and other EV tech. According to Rivian’s Chief Software Officer, Wassym Bensaid, its new partnership with Volkswagen has other OEMs “knocking on our door.”

Will Rivian and VW supply EV tech to other automakers?

After launching “Rivian and VW Group Technology, LLC,” their new software and EV joint venture in November, the collaboration is already showing potential.

Bensaid, who co-leads the new joint venture with VW’s Casten Helbing, said in an interview on Thursday (via Reuters) that the collaboration is in talks with at least a few other automakers over potential supply deals for software and EV architecture.

“I’d say that many other OEMs are knocking on our door,” he said. Although no names or other details were revealed, Bensaid added that “there is demand.”

The software leader explained that Rivian is prioritizing its smaller, more affordable R2 until 2027 while integrating the new tech into upcoming VW, Audi, Porsche, and Scout brand EVs.

Bensaid added that the new JV “today becomes one of the key partners” for other automakers who want to “make a leap from a technological standpoint.”

Rivian-EV-tech-deal
Production at Rivian’s Normal, IL plant (Source: Rivian)

Last week, German news outlet Spiegel reported that VW could expand the partnership with Rivian. Volkswagen CEO Oliver Blume said, “We are thinking about sharing modules and bundling purchasing volumes.”

VW is already planning to invest $5.8 billion, which, according to Rivian CEO RJ Scaringe, is a “meaningful financial opportunity.”

Rivian-EV-tech-deal
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)

Rivian is already using the platform and software stack on its Gen 2 R1S electric SUV and R1T pickup, a drastic upgrade from the previous version. The architecture uses seven electronic control units (ECUs), down from 17 in the Gen 1 models.

The new models also include Rivian’s new in-house autonomy system, the Rivian Autonomy Platform, which consists of 11 cameras, five radars, and other features for added driver assist (ADAS) features.

Rivian-EV-tech-deal
Rivian Gen 1 vs Gen 2 ECUs (Source: Rivian)

At the opening of the new Rivian Space in San Francisco on Thursday, Scaringe said the company plans to roll out hands-free driving this year. It’s expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will launch an “eyes-free” system as it advances new tech and software.

Electrek’s Take

The JV with Volkswagen could be significant for Rivian as it looks to accelerate growth in 2025. After shutting down its Normal, IL manufacturing plant last April for upgrades, Scaringe said the company is already seeing “a meaningful reduction” in material costs.

Rivian’s R2, starting at around $45,000, is expected to open an entire new market. Analysts expect the VW partnership to provide enough funding for the R2 to enter production, which is expected in the first half of 2026.

Last week, Rivian closed its loan agreement with the US Department of Energy (DOE) for up to $6.6 billion in financing for its new manufacturing plant in Georgia. The EV maker has already started hiring construction and management workers, with recruitment “expected to ramp quickly.”

Will Rivian’s EV architecture and software “become the platform of choice in the Western world” aside from Tesla? That’s what Canaccord Genuity analysts said in a note to investors.

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