Tesla Model Y Dominates Norway In 2023, Country Hits 82% Electric Vehicle Market Share: A Look At The Leaders, Competition

Norway continues to show the world how electric vehicle adoption can grow over time, leading the way as one of the top countries for EV market share.

Here's a look at the full-year data for the country in 2023 and the companies benefitting from the growth.

What Happened: Electric vehicle giant Tesla Inc TSLA reported fourth-quarter deliveries and production figures this week, which saw year-over-year and quarter-over-quarter gains.

Tesla has benefitted from increased demand for electric vehicles in many territories worldwide, including Norway.

Norway reported 126,953 registered new passenger cars in 2023, according to a report from the Norwegian Road Foundation. The number of new vehicles was down 27.2% year-over-year, which came after December 2022 saw a record of 40,000 new cars sold thanks to the introduction of several taxes and price increases.

Electric vehicles totaled 82.4% market share of all new vehicles registered in Norway for 2023, which is a gain from 79% in 2022 and 65% in 2021. Norway topped the 50% electric vehicle market share on new vehicles in 2020 with 54%, according to data from Reuters.

For comparison, the market share of electric vehicles as new vehicles in the U.S. was around 6% in 2022 and expected to end 2023 at around 9%.

Related Link: Tesla Q3 Earnings Highlights: Revenue Miss, EPS Miss, Cybertruck Launch Set For November And More

Tesla Dominates Norway: For years, Tesla has been a dominant force in Norway and 2023 continued this with Tesla having the leading market share among automotive companies and the top-selling new vehicle model.

These were the top-selling vehicles in Norway in 2023, with the previous year in parentheses:

1. Tesla Model Y: 23,088 units (17,354), 18.2% market share (10.0%)
2. Volkswagen ID.4: 6,614 units (11,561), 5.2% market share (6.6%)
3. Skoda Enyaq: 5,740 units (7,133), 4.5% market share (4.1%)
4. Toyota bZ4X: 5,395 units (872), 4.2% market share (0.5%)
5. Volvo XC40: 5,025 units (5,507), 4.0% market share (3.2%)

The Tesla Model Y was not only the bestselling vehicle in Norway for 2023, but the vehicle outsold the next four top vehicles combined. The impressive feat shows how popular the Model Y continues to be in the country and its lead over competition.

Volkswagen VWAGY had the second best-selling model with the ID.4, but it saw a big drop off in units sold and lost market share.

Toyota Motor Corp TM had the fourth bestselling vehicle with the bZ4X, which saw a big jump during the year.

Ford Motor Co F ranked sixth with the Mustang Mach-E selling 3,792 units during the year, which was down from 4,226 the previous year.

The Tesla Model 3 ranked 15^th for the year with 2,083 units sold and a 1.6% market share, figures that were down from 3,162 units and 1.8% respectively.

Here's a look at the top automotive companies by market share in Norway in 2023.

1. Tesla: 25,408 units (21,300), 20.0% market share (12.2%)
2. Toyota: 15,754 units (13,873), 12.4% market share (8.0%)
3. Volkswagen: 13,704 units (20,183), 10.8% market share (11.6%)

Tesla was the top-selling automotive company in Norway for a third straight year and grew its market share to 20%.

The Model Y passed the two million units sold milestone in 2023 and is expected to be the top-selling vehicle in many areas of the world, including Europe.

Tesla's dominance in Norway may face pressure going forward with new models and growth from other brands. In December, the Model Y was the top-selling vehicle in Norway with 1,366 units sold. The bZ4X and XC40 ranked second and third, respectively, with 792 and 524 units sold, which came close to matching the total from the Tesla model.

Toyota also ranked in December as first among the automotive companies in Norway for new car sales at 15.3% market share and 1,864 units sold, compared to 14.5% and 1,768 units sold for Tesla.

The other factor to watch will be the strikes against Tesla in the Nordic region, which so far have not had an impact on Norway.

TSLA Price Action: Tesla shares trading down 3.32% at $240.29 on Wedensday at publication versus a 52-week trading range of $101.81 to $299.29.

Read Next: Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019

Photo: Tesla Model Y in Norway, Shutterstock