• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

2

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

1

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

2

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
Electric vehicles

EV sales are booming just about everywhere—except in the U.S.

By
Christiaan Hetzner
Christiaan Hetzner
and
Christiaan Hetzner
Christiaan Hetzner
Down Arrow Button Icon
By
Christiaan Hetzner
Christiaan Hetzner
and
Christiaan Hetzner
Christiaan Hetzner
Down Arrow Button Icon
August 9, 2021, 9:29 AM ET
Add Fortune on Google for similar content.

Convincing Americans to trade in their beloved gas-guzzling SUVs for an energy-efficient electric vehicle is a tough sell in a country where range anxiety is a serious obstacle. 

It’s perhaps little surprise then that U.S. President Joe Biden reached for the China card last week, arguing his plan to accelerate the electrification of new cars would prevent the further loss of ground to strategic global competitors. 

That’s because faster adopters like Norway, with its quaint fishing villages and picturesque fjords, don’t quite evoke the same political urgency in Washington—despite what comedian Will Ferrell has to say about it.

Yet data shows Europe is far ahead of the pack when it comes to transitioning to cleaner cars such as battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), collectively called xEVs.

“Last year, nearly three-quarters of all cars sold in Norway and more than half of those sold in Iceland were electric,” wrote Pew Research Center.

According to the latest figures from the European auto industry, the share of BEVs in the first half increased to 7.6% of the new car market from 4.3% in the year-earlier period, while PHEVs added a further 8.3%, up from just 3.5% in the 2020 period.

EV adoption is becoming a key metric for measuring progress in the fight against global warming. On Monday, United Nations scientists warned evidence pointed to the “unequivocal” influence of anthropomorphic climate change, according to authors of the IPCC’s sixth global assessment. 

Courtesy of Pew Research Center

Thanks to these Scandinavian consumers embracing the technology, the fastest growth in sales of xEVs has been Europe with a compound annual growth rate of 60% from 2016 to 2020, compared with 36% in China and just 17% in the United States. 

That’s why General Motors half-jokingly took aim at Norwegians in a Super Bowl spot with comedian and Hollywood star Ferrell (whose wife happens to be from neighboring Sweden).

Generous subsidies, punitive legislation, and shorter commutes have all combined to turbocharge EV sales in Europe. Take-up rates are expected only to increase as the EU and United Kingdom plan to phase out combustion engine cars by 2035.

As a result, roughly 3.2 million of the total 10.2 million xEVs built and sold to date can be found in Europe, nearly twice as many as those driving on U.S. roads. 

At 4.5 million, the number for China is almost as much as the two combined. Its overall car market is far larger, however. Demand is furthermore skewed toward cheap, low-tech EV models like the Wuling brand’s best-selling Hongguang Mini, which retails as low as 28,800 RMB, or less than $4,500. 

Courtesy of Pew Research Center

Last week the Biden administration broke from predecessor Donald Trump to propose more stringent fuel efficiency targets for new cars to tackle climate change. As part of the plan, he put forward a target supported by combustion engine automakers GM, Ford, and Stellantis that would see every other new car sold in the United States an xEV by 2030. 

“Right now, China is leading the race. It’s one of the largest and fastest-growing electric vehicle markets,” Biden told the press last week. “The rest of the world is moving ahead; we’ve just got to step up.” 

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.

About the Authors
Christiaan Hetzner
By Christiaan HetznerSenior Reporter
Instagram iconLinkedIn iconTwitter icon

Christiaan Hetzner is a former writer for Fortune, where he covered Europe’s changing business landscape.

See full bioRight Arrow Button Icon
By Christiaan Hetzner
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Nancy Pelosi’s husband could face misdemeanor charges after hit-and-run collision in Napa wine country that left one car with ‘major damage’
PoliticsNancy Pelosi
Nancy Pelosi’s husband could face misdemeanor charges after hit-and-run collision in Napa wine country that left one car with ‘major damage’
By Safiyah Riddle and The Associated PressJuly 4, 2026
7 hours ago
Treasury rolls out currency signed by Trump for Fourth of July
PoliticsDonald Trump
Treasury rolls out currency signed by Trump for Fourth of July
By Jeff Mason and BloombergJuly 4, 2026
7 hours ago
Russia’s fuel crisis is so bad that a mom and her baby waited in line for 18 hours to get gas — ‘Are we in the Soviet Union?’
EnergyRussia
Russia’s fuel crisis is so bad that a mom and her baby waited in line for 18 hours to get gas — ‘Are we in the Soviet Union?’
By Jason MaJuly 4, 2026
7 hours ago
U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
EconomyDebt
U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
By Jason MaJuly 4, 2026
10 hours ago
The Taylor Swift economy: Star-studded wedding at Madison Square Garden lifts luxury brands Christian Dior, Christian Louboutin, and Cartier
Arts & EntertainmentLuxury
The Taylor Swift economy: Star-studded wedding at Madison Square Garden lifts luxury brands Christian Dior, Christian Louboutin, and Cartier
By Kimberlee Kruesi, Andrew Dalton and The Associated PressJuly 4, 2026
12 hours ago
Trump Accounts are now available for kids. Here’s where the money will be invested in the stock market—in line with Warren Buffett’s advice
InvestingStock
Trump Accounts are now available for kids. Here’s where the money will be invested in the stock market—in line with Warren Buffett’s advice
By Jason MaJuly 4, 2026
13 hours ago

Most Popular

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
22 hours ago
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
2 days ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
2 days ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
3 days ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
2 days ago
Three dads started selling hats from a garage with $750—now they’ve sold $35 million worth, partnered with Gary Vee, and grown a community of fathers
Success
Three dads started selling hats from a garage with $750—now they’ve sold $35 million worth, partnered with Gary Vee, and grown a community of fathers
By Preston ForeJuly 4, 2026
19 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.