NEWS

OSLO (Reuters) – New electric car sales in Norway rose by a third last year amid soaring demand for Tesla Inc’s (TSLA.O) vehicles, but the pioneering U.S. company will face a more competitive market in 2020 as rivals prepare to launch new electric models.

Fully electric cars made up 42.4% of sales in the Nordic country last year, a global record, rising from a 31.2% market share in 2018 and just 5.5% in 2013, the Norwegian Road Federation said on Friday.

Norway, which is Europe’s biggest oil and gas producer, is seeking to become the first country to end the sale of fossil-fueled cars by 2025. The country has exempted battery-powered vehicles from the taxes imposed on petrol and diesel engines and after just a few years the streets of Oslo have become quieter and have less air pollution.

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