Chinese electric cars have surged to account for almost 10% of new car sales in Norway in only five years, data from the country's road federation (OFV) showed on Thursday.

Wealthy Norway is far ahead of most countries in the switch to electric vehicles and unlike the European Union and the United States has not imposed import tariffs on Chinese EVs.

Brussels and Washington say Chinese EVs benefit from unfair subsidies, which Beijing denies, and Western automakers have warned they could be hit hard by cheap Chinese imports, although there have been doubts if buyers would adopt unfamiliar brands.

In Norway, the combined market share of Chinese manufacturers such as MG, part of SAIC Motor (600104.SS), BYD (002594.SZ), and XPeng (9868.HK), increased to 8.8% last year, up from 5.1% in 2023 and 4.1% in 2021, according to Reuters calculations based on OFV data, on the top 20 car brands sold.

The first Chinese EV to arrive in Norway, from MG, was shipped only five years ago, in January 2020.

"The Norwegian car market is probably one of the toughest in the world," said Christina Bu, head of the Norwegian EV association. "There's fierce competition."

Source: Reuters