Chinese language electrical automobiles acquire market share in Norway

By Nerijus Adomaitis

OSLO (Reuters) – Chinese language electrical automobiles have surged to account for nearly 10% of latest automobile gross sales in Norway in solely 5 years, information from the nation’s street federation (OFV) confirmed on Thursday.

Rich Norway is much forward of most international locations within the change to electrical automobiles and in contrast to the European Union and the US has not imposed import tariffs on Chinese language EVs.

Brussels and Washington say Chinese language EVs profit from unfair subsidies, which Beijing denies, and Western automakers have warned they could possibly be hit onerous by low-cost Chinese language imports, though there have been doubts if consumers would undertake unfamiliar manufacturers.

In Norway, the mixed market share of Chinese language producers akin to MG, a part of SAIC Motor, BYD (SZ:002594) and XPeng (NYSE:XPEV) elevated to eight.8% final 12 months, up from 5.1% in 2023 and 4.1% in 2021, in accordance with Reuters calculations primarily based on OFV information on the highest 20 automobile manufacturers bought.

The primary Chinese language EV to reach in Norway, from MG, was shipped solely 5 years in the past, in January 2020.

“The Norwegian automobile market might be one of many hardest on the earth,” stated Christina Bu, head of the Norwegian EV affiliation. “There’s fierce competitors.”

Beginning in November 2024, the EU elevated import duties on Chinese language EVs to as much as 45.3%.

“We deal with all international locations alike,” stated Norway’s deputy transport minister Cecilie Knibe Kroglund. The Nordic nation just isn’t a part of the EU.

The EU’s transfer adopted a call by the US to extend import tariffs on Chinese language EVs to 100% of their worth in 2024 from 25% earlier than.

China grew to become the world’s high automobile exporter in 2023, promoting some 1.2 million EVs worldwide.

($1 = 11.3841 Norwegian crowns)