Stories

Norway's electric car boom

Data: U.S. Energy Information Administration; Chart: Lazaro Gamio / Axios

Norway has, far and away, the largest percentage of cars that are electric compared to other nations, according to a new report released Monday by the U.S. Energy Information Administration.

The reason: The Norwegian government offers the largest monetary incentives for plug-in electric cars, per the report: "These incentives reduce the purchase price and the operational costs associated with PEV ownership and include an exemption from an acquisition tax ($11,600 savings) for both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)."

Why it matters: The trend toward electric cars is picking up speed all over the world, including in the biggest economies like China. Norway, whose wealthy government and economy has been built on oil production, offers an example of what factors drive adoption of electric cars.

Go deeper: The report, titled "Plug-in electric vehicles: future market conditions and adoption rates" is worth a read, or at least a scan.