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$47.7 Million — The Cash Norwegians Have Put Down For Electric Car Reservations

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Published on November 2nd, 2018 |

by Zachary Shahan

$47.7 Million — The Cash Norwegians Have Put Down For Electric Car Reservations

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November 2nd, 2018 by Zachary Shahan

There’s no secret about it in the electric car world — Norway is the world’s premier country for viewing the electric revolution. As I wrote recently, 60% of new car sales in the country are now plug-in car sales. The country has risen up the tech adoption S-curve and has a far higher number of EV drivers per capita than any other country on earth.

Norwegians are also eagerly waiting for all the hot new electric models, to the tune of 400 million Norwegian kroner (or $47.7 million).

Well, I presume that is a low estimate. I was told by someone at the Norwegian EV association () that no one outside of Tesla really knows how many Norwegian Model 3 reservations are sitting behind tesla.com/teslaaccount. The findings reported in a Norwegian paper put the Model 3 as second in line on the reservation list, behind the Audi e-tron quattro, and I have to say that’s hard to believe.

Other popular electric models Norwegians have put down money to reserve include the Porsche Taycan (formerly called the Mission E), which is a high-end car in the range of the Model S; the Kia Niro Electric, one of the first affordable electric CUVs on the market; the Mercedes-Benz EQC, a fully electric SUV entry from the well known German brand; the Jaguar I-PACE, a CUV/SUV that is helping to lead Jaguar into an electric future even thought it doesn’t quite stack up to the similarly priced Model X in several regards; and the BMW iX3, which is BMW’s coming attempt to finally get back into the electric game.

“Over 30,000 Norwegian kroner are in line to buy one of the new electric cars that are on the way to the market, as many buyers have paid to stand there,” a Google translation of the NRK article about the news states. [Update: That translation has been modified for accuracy. It initially said “Over 30,000 Norwegians are in line” but that was apparently an unfortunate auto translation.]

Again, Tesla’s numbers are an estimate rather than official figures from the automaker, and I have a hard time believing they aren’t much higher.

Learn more about Norway’s EV adoption background if you haven’t done so before.

Top image via Elbilfestival i Geiranger and Norsk Elbilforening (some rights reserved), second image via NRK

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About the Author

Zachary Shahan Zach is tryin' to help society help itself (and other species). He spends most of his time here on CleanTechnica as its director and chief editor. He's also the president of Important Media and the director/founder of EV Obsession and Solar Love. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, and Canada.

Zach has long-term investments in TSLA, FSLR, SPWR, SEDG, & ABB — after years of covering solar and EVs, he simply has a lot of faith in these particular companies and feels like they are good cleantech companies to invest in. But he offers no professional investment advice and would rather not be responsible for you losing money, so don't jump to conclusions.

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The new battery assembly line in the factory will cover 65,000 square feet in the factory, according to a report in Autoevolution.

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With the expansion and new assembly line, the company will invest “mid-double-digit-million-euro amount” to overhaul the factory, BMW's electric powertrain head Roland Maurer told Autoevolution.

“With the launch of new models and growing demand for electrified vehicles, we will be stepping up production of electric components significantly over the next few months and years,” he said.

The new line is expected to supply batteries for the upcoming 2020 Mini Electric as well as the 2019 BMW iX3 SUV that will be built in China, the 2021 i4 based on the i Vision Dynamics concept, and the iNext luxury sedan.

The factory may assemble BMW's next generation of batteries with more compact packs and more efficient cooling, as a supplier to the company recently revealed. It will also build complete drive units for the cars, with motors and electronics.

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There's still plenty of time in the auto cycle, and General Motors and Ford will continue to grow, Tigress Financial Partners CIO Ivan Feinseth said on CNBC Wednesday.

He told “Closing Bell” that at the trough of the auto cycle, the average age of a car is about 11 years old. At the peak, it is about 7 years old. This year, the average age of a car is about 10 years old.

“Auto sales, as far as an upgrade cycle or a necessity purchase cycle, have a long way to go,” Feinseth said.

“You also have people who buy new cars every three years because of the lease cycle, and also one of the biggest motivators of new car purchases is all of the infotainment and collision-avoidance features that are now available in new cars, so I think that the runway still has a ways to go for GM and Ford,” he added.

He said Ford has a lot of room to grow in the luxury market to compete with GM.

“Ford needs some redesign in a number of their vehicles and they need a bigger push in the luxury market,” Feinseth said, noting that Cadillac is the dominant American luxury car brand.

However, he thinks Ford is winning in pickup trucks and sports cars.

As for GM, it “has the best line-up it's ever had as far as vehicles in the company's history. They are led by one of the best CEOs in the company's history, so I think the wind is at their back,” Feinseth added.

Michael Ward, an auto analyst with Williams Research Partners, also thinks the auto cycle will go higher.

“In an environment where the unemployment rate is low, confidence is high, interest rates at an all-time low and income growing, you're not going to have lower car sales,” Ward said on “Power Lunch” Wednesday.

“You might be down 1 percent; that's because the industry is not goosing them up with incentives. I think you're probably going to see industry sales at 17 million units each in the next two or three years, and to me, that's what the market is missing,” he added. “That will enable companies like General Motors and Ford and the suppliers and dealers to generate record profitability.”

He also said electric cars will be key in growth.

“Electrified vehicles include hybrids,” Ward said. “That is where you're going to see the most growth because they can be in trucks, they can be in cars, they can be in every sized vehicle. Fully electric vehicles are still going to be a very small portion of the market, 1-2 percent at most in the next five to 10 years.”

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