Finland doubles plugin vehicle market share to 16%

Plugin vehicles now account for 16% of Finland's automotive market share, up from 8% in 2019 and 5% in 2018, according to data from EV Volumes. While the figures make Finland the fourth-best country in the world for plugin vehicles by market share, 80% of the plugin models sold in 2020 have been hybrids, rather than fully-electric, meaning they are running on fuel for undefined periods. The prominence of hybrids is due to the dominant position of Volvo in the country, as well as the ubiquity of SUVs, of which few are fully-electric.

Finland is the 4th best country in the world in terms of plugin vehicle market share this year. It is at 16% market share, double its 8% market share in 2019 and more than triple its 5% market share in 2018, according to our friends at EV Volumes.

The caveat, though, is that this market — like neighboring Sweden — is dominated by plugin hybrids (rather than fully electric vehicles). And you never know how much plug-in hybrid drivers are driving on electricity rather than gas/petrol or diesel. So far in 2020, plugin hybrids account for 80% of Finland’s plugin vehicle sales, which is an even bigger advantage for plugin hybrids than in Sweden, where they account for 72% of plugin sales.

In fact, there is only one vehicle among the top 10 best selling plugin vehicles in the country that is fully electric, the #6 Tesla Model 3.

Like in Sweden, Volvo is a very popular brand, and Volvo has been fully focused on plugin hybrids for years. That is changing and the Volvo XC40 Recharge is coming soon. Volvo plans a big shift that will see 50% of its sales coming from fully electric vehicles in 2025. As Volvo becomes more electrified, I presume Finland will. Volvo accounts for 22% of Finland’s plugin vehicle sales this year, far ahead of #2 BMW, which is at 14%, or #3 Mercedes-Benz, which is at 12%, both of which have also been heavily focused on the plugin hybrid options for electrification.

Aside from this brand matter, SUVs are dominant in the plugin market in Finland, and, again, there have been slim pickings when it comes to fully electric SUVs, but that is changing. The Tesla Model Y will soon hit the market, as will the Volkswagen ID.4, variations of the ID.4 from other brands under the Volkswagen Group umbrella, the BMW iX3, and the aforementioned Volvo XC40 Recharge. So, I do expect the fully electric portion of this market to gain ground in the coming couple of years.

Will Finland keep gaining ground in terms of plugin vehicles market share in 2020? How about 2021? We’ll see. If it follows the adoption trend set by Norway, Iceland, and Sweden, it should.

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