Norway: Hyundai Goes 100% Electric, a Risky Bet?

With the widespread adoption of electric cars in Norway, Hyundai has decided to stop selling hybrids and switch to electric only.

Norway might represent what France will become by the end of the decade. Its new car market shows the earliest transition to electric vehicles. From 5% in 2013, the rate rose to 16% in 2016, 42% in 2019, and 78% in 2022. Yes, currently, almost 4 out of 5 new cars are electric in the country. This observation has led Hyundai to make a radical decision.

Hyundai removes hybrids from the catalog

Surprisingly, Hyundai hybrids are being phased out. Yet, they still make up more than 15% of the market in Norway. The catalog still included the large SUV Santa Fe as recently as July, but it disappeared this fall. As of January 1st, this removes a flagship model from the brand: the Hyundai Tucson, still available as a plug-in hybrid.

Thus, in 2023, the Hyundai brand becomes 100% electric with only three vehicles: Kona, Ioniq 5, and Ioniq 6. Well, not exactly, since the Nexo is also available. This hydrogen car, however, is negligible in terms of sales (a few units per year).

Why Hyundai Takes Few Risks

The Asian brand admits that it already sold 90% electric cars in Norway in 2022. It launched its first electric vehicle in 2016 with the Ioniq, followed by the Hyundai Kona Electric in 2018 and the Ioniq 5 in 2021. Only the Ioniq 6 was missing to have a more modern sedan, which is just now arriving at dealerships.

In 2020, the manufacturer took its first step by removing gasoline and diesel models from its lineup. The risk was higher at that time, as internal combustion still accounted for 22% of sales. Hyundai was right, since these engine types represented only 6% of sales in 2022, and just 3.5% at the end of the year. As for electric vehicles, it is still a two-year lead, with Norway aiming for a 100% electric car market.

Also read: Car of the Year 2022: 6 out of 7 finalists are 100% electric