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| Hyundai Motor's IONIQ 5 electric vehicle / Courtesy of Hyundai Motor |
By Kim Jae-heun
Hyundai Motor has decided to sell only electric vehicles (EVs) in Norway this year, the company said Sunday. As global automobile markets have been rapidly reorganizing and are centering on electric cars, Korea's largest automaker is seeking to test its EV-only sales strategy in the Norwegian market.
According to Hyundai Motor's European branch, the automaker revealed its ambition to set a new milestone in the Scandinavian country in 2023.
The carmaker ended sales of its plug-in hybrid vehicles (PHEV) at the end of 2022 and started to sell only EVs in Norway, which will be its first attempt in the global market.
"Our European branch has decided to only sell EVs in Norway and the headquarters in Seoul confirmed this," a Hyundai Motor official said.
The company had already announced plans to stop selling internal combustion engine cars in Europe from 2035 and will sell only EVs worldwide by 2040. Its decision to stop selling diesel cars in Norway has pushed forward its original plan in that country by 12 years. This was possible because Norway is one of the earliest adopters in the EV market. The country is offering various incentives with the goal of converting all new car sales to electric cars by 2025.
As of November last year, 81.6 percent of new cars registered in Norway were electric vehicles, which indicates the Scandinavian country's is on track to achieving its eco-friendly plan.
PHEVs have been sold mainly in the Norwegian market until now, accounting for a market share of 17.4 percent as of November 2020. However, its sales share dropped to 7.7 percent as of last year, relinquishing its top position to EVs. In the same period, hybrid cars accounted for a market share of 7.3 percent, while diesel cars took only 2.2 percent.
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