EV Boom in Norway a Hint of What’s to Come Here
Guess where I'm at? I'm in Norway.
Norway is a stunningly beautiful country, but I'm not here to see the sights. I'm here because Norway is one of the most important developing grounds for electric automobiles and I'm here to find the best way(s) for YOU to profit from the EV (electric vehicle) boom.
I think most people would agree that California is leading the U.S. in electric vehicle adoption. Last year, 6% of all new car sales in California were plug-in electric vehicles.
The electric vehicle market share was 6% in Norway too ... five years ago. Fast forward to 2017, a whopping 47% of new car sales in Norway were electric vehicles.
That 47% market share is why I am in Norway.
Now, Norway is a special case because the government gives generous incentives to buy electric vehicles that aren't replicated anywhere else in the world.
No import tax on foreign electric vehicles
No purchase taxes on electric vehicles
Exemption from 25% VAT tax
Exemption on road tolls
50% reduction on ferry fees
Free parking in Oslo
Allowed to use bus lanes
And those incentives/subsidies aren't going away anytime soon; the Norwegian parliament has set a goal of ZERO car emissions by 2025.
No wonder Norway is the third largest market for electric vehicles behind the U.S. and China despite its modest 5.3 million population.
Here's what really matters. Norway achieved that huge increase in electric vehicles in just five years, which shows how fast things can change if a government puts its mind to it.
I don't think that market share of electric vehicle in California will skyrocket from 6% to 47% in five years, like Norway. But I do think that we — the U.S. — is on the cusp of an explosive growth for electric vehicles.
Several major automakers will start selling a large number of new, very attractive electric car models in the early-to-mid 2020s, so consumers will be drunk with choices. Californians will be able to choose from several compelling, cost-competitive electric vehicles.
Roughly two million new cars were sold in California last year and roughly 10% of those cars had batteries — both pure plug-in and hybrid cars like the Toyota Prius. Clearly, Californians are already embracing electric vehicles.
The California legislature has passed a bill that requires the state to get 100% of its electricity from carbon-free sources by 2045 and that will also drive electric vehicle sales up significantly.
What's the best way to play the coming electric vehicle boom? Instead of guessing which automaker will be the big winner (Hint; it WON'T be Tesla), I think the best way is to invest in the building block of batteries.
I'm talking about the "energy metals" my colleague, Sean Brodrick, writes about all the time. Metals including lithium, cobalt, and graphite. Here is a link to a free, 21-minute YouTube video of Brodrick's presentation at 2018 Metals Investor Forum.
I highly recommend that you both watch the super-informative video and consider a subscription to Sean's monthly newsletter, Wealth Supercycle. I think you'll be very pleased with the results. Sean is helping his subscribers ride the profit-packed megatrends in energy metals, gold, silver, cybersecurity and more.