Hybrid & Electric Cars in Norway: October 2016

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MarketLine Industry Profile
Hybrid & Electric

Cars in Norway
October 2016
Reference Code: 0177-2815
Publication Date: October 2016
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Norway - Hybrid & Electric Cars 0177 - 2815 - 2015
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EXECUTIVE SUMMARY
Market value
The Norwegian hybrid & electric cars market grew by 33.1% in 2015 to reach a value of $1,735 million.
Market value forecast

In 2020, the Norwegian hybrid & electric cars market is forecast to have a value of $4,137.3 million, an increase of
138.5% since 2015.
Market volume
The Norwegian hybrid & electric cars market grew by 33.7% in 2015 to reach a volume of 38,598 units.
Market volume forecast

In 2020, the Norwegian hybrid & electric cars market is forecast to have a volume of 57,828 units, an increase of 49.8%
since 2015.
Category segmentation
Electric is the largest segment of the hybrid & electric cars market in Norway, accounting for 72% of the market's total
volume.
Geography segmentation
Norway accounts for 12.9% of the European hybrid & electric cars market value.
Market share
Nissan Motor Company is the leading player in the Norwegian hybrid & electric cars market, generating a 30.4% share of
the market's volume.
Market rivalry
Due to the rapidly expanding nature of this market in Norway, rivalry should be alleviated somewhat in the hybrid &
electric cars industry, meaning there is more revenue for players to share.

TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Market volume............................................................................................................................................................ 2
Market volume forecast .............................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 9
Market value............................................................................................................................................................... 9
Market volume.......................................................................................................................................................... 10
Market Segmentation ................................................................................................................................................... 11
Category segmentation ............................................................................................................................................ 11
Geography segmentation ......................................................................................................................................... 12
Market share ............................................................................................................................................................ 13
Market Outlook ............................................................................................................................................................. 14
Market value forecast ............................................................................................................................................... 14
Market volume forecast ............................................................................................................................................ 15
Five Forces Analysis .................................................................................................................................................... 16
Summary .................................................................................................................................................................. 16
Buyer power ............................................................................................................................................................. 17
Supplier power ......................................................................................................................................................... 18
New entrants ............................................................................................................................................................ 19
Threat of substitutes................................................................................................................................................. 20
Degree of rivalry ....................................................................................................................................................... 21
Leading Companies ..................................................................................................................................................... 22

Mitsubishi Motors Corporation.................................................................................................................................. 22
Nissan Motor Co., Ltd. ............................................................................................................................................. 25
Tesla Motors, Inc...................................................................................................................................................... 29
Volkswagen AG........................................................................................................................................................ 31
Macroeconomic Indicators ........................................................................................................................................... 34
Country data............................................................................................................................................................. 34
Methodology................................................................................................................................................................. 36
Industry associations ................................................................................................................................................ 37
Related MarketLine research ................................................................................................................................... 37
Appendix ...................................................................................................................................................................... 38
About MarketLine ..................................................................................................................................................... 38

LIST OF TABLES
Table 1: Norway hybrid & electric cars market value: $ million, 2011–15 ...................................................................... 9
Table 2: Norway hybrid & electric cars market volume: units, 2011–15 ....................................................................... 10
Table 3: Norway hybrid & electric cars market category segmentation: units, 2015 .................................................... 11
Table 4: Norway hybrid & electric cars market geography segmentation: $ million, 2015 ............................................ 12
Table 5: Norway hybrid & electric cars market share: % share, by volume, 2015 ........................................................ 13
Table 6: Norway hybrid & electric cars market value forecast: $ million, 2015–20 ....................................................... 14
Table 7: Norway hybrid & electric cars market volume forecast: units, 2015–20 ......................................................... 15
Table 8: Mitsubishi Motors Corporation: key facts........................................................................................................ 22
Table 9: Mitsubishi Motors Corporation: key financials ($) ........................................................................................... 23
Table 10: Mitsubishi Motors Corporation: key financials (¥) ......................................................................................... 23
Table 11: Mitsubishi Motors Corporation: key financial ratios ...................................................................................... 23
Table 12: Nissan Motor Co., Ltd.: key facts ................................................................................................................. 25
Table 13: Nissan Motor Co., Ltd.: key financials ($) ..................................................................................................... 26
Table 14: Nissan Motor Co., Ltd.: key financials (¥) ..................................................................................................... 26
Table 15: Nissan Motor Co., Ltd.: key financial ratios .................................................................................................. 27
Table 16: Tesla Motors, Inc.: key facts ......................................................................................................................... 29
Table 17: Volkswagen AG: key facts ............................................................................................................................ 31
Table 18: Volkswagen AG: key financials ($) ............................................................................................................... 32
Table 19: Volkswagen AG: key financials (€) ............................................................................................................... 32
Table 20: Volkswagen AG: key financial ratios ............................................................................................................ 32
Table 21: Norway size of population (million), 2011–15 ............................................................................................... 34
Table 22: Norway gdp (constant 2005 prices, $ billion), 2011–15 ................................................................................ 34
Table 23: Norway gdp (current prices, $ billion), 2011–15 ........................................................................................... 34
Table 24: Norway inflation, 2011–15 ............................................................................................................................ 35
Table 25: Norway consumer price index (absolute), 2011–15 ..................................................................................... 35
Table 26: Norway exchange rate, 2011–15 ................................................................................................................. 35

LIST OF FIGURES
Figure 1: Norway hybrid & electric cars market value: $ million, 2011–15 ..................................................................... 9
Figure 2: Norway hybrid & electric cars market volume: units, 2011–15 ...................................................................... 10
Figure 3: Norway hybrid & electric cars market category segmentation: % share, by volume, 2015 ........................... 11
Figure 4: Norway hybrid & electric cars market geography segmentation: % share, by value, 2015 ........................... 12
Figure 5: Norway hybrid & electric cars market share: % share, by volume, 2015 ...................................................... 13
Figure 6: Norway hybrid & electric cars market value forecast: $ million, 2015–20...................................................... 14
Figure 7: Norway hybrid & electric cars market volume forecast: units, 2015–20 ........................................................ 15
Figure 8: Forces driving competition in the hybrid & electric cars market in Norway, 2015 .......................................... 16
Figure 9: Drivers of buyer power in the hybrid & electric cars market in Norway, 2015 ............................................... 17
Figure 10: Drivers of supplier power in the hybrid & electric cars market in Norway, 2015 .......................................... 18
Figure 11: Factors influencing the likelihood of new entrants in the hybrid & electric cars market in Norway, 2015 .... 19
Figure 12: Factors influencing the threat of substitutes in the hybrid & electric cars market in Norway, 2015 ............. 20
Figure 13: Drivers of degree of rivalry in the hybrid & electric cars market in Norway, 2015 ....................................... 21
Figure 14: Mitsubishi Motors Corporation: revenues & profitability .............................................................................. 24
Figure 15: Mitsubishi Motors Corporation: assets & liabilities ...................................................................................... 24
Figure 16: Nissan Motor Co., Ltd.: revenues & profitability .......................................................................................... 27
Figure 17: Nissan Motor Co., Ltd.: assets & liabilities .................................................................................................. 28
Figure 18: Volkswagen AG: revenues & profitability .................................................................................................... 33
Figure 19: Volkswagen AG: assets & liabilities ............................................................................................................ 33

MARKET OVERVIEW
Market definition
The hybrid and electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger
cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The market value is
calculated at retail selling price (RSP) and the market volume is given in terms of units sold. The electric cars segment
refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs). The hybrid cars segment refers to all types of
hybrid electric cars such as plug-in hybrid electric vehicles (PHEVs), Extended Range Electric Vehicles (EREVs) and
standard Hybrid Electric Vehicles (HEVs). Other alternative fuel vehicles (e.g. LPG or Hydrogen fuel cell) are not
included. Any currency conversions used in this report have been calculated at constant 2015 annual average exchange
rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific, Middle
East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Norwegian electric & hybrid cars market has experienced extremely strong, double-digit growth in recent years. This
rapid level of growth is expected to decelerate over the forecast period to 2020 but will remain very strong overall.
The Norwegian market is a stand out performer in the global electric car industry due to significant government
incentives to increase the adoption of environmentally friendly vehicles. Electric cars have been exempt from a variety of
taxes in Norway that can add 50% to the cost of a normal vehicle. Electric cars also benefit from free parking, road tolls
and charging stations.
The Norwegian Hybrid & Electric Cars market had total revenues of $1,735m in 2015, representing a compound annual
growth rate (CAGR) of 65.4% between 2011 and 2015. In comparison, the Danish and Swedish markets grew with
CAGRs of 55.2% and 63.3% respectively, over the same period, to reach respective values of $171.6m and $686.3m in
2015.
Market consumption volume increased with a CAGR of 61.7% between 2011-2015, to reach a total of 38,598 units in
2015. The market's volume is expected to rise to 57,828 units by the end of 2020, representing a CAGR of 8.4% for the
2015-2020 period.
Electric sales had the highest volume in the Norwegian Hybrid & Electric Cars market in 2015, with total sales of 27,790
units, equivalent to 72% of the market's overall volume. In comparison, sales of Hybrid had a volume of 10,808 units in
2015, equating to 28% of the market total.

As a result of the successful policies implemented to promote EV adoption, the number of electric vehicles on the
Norwegian roads increased rapidly, resulting in several unintended consequences and raising several complaints and
criticism. Complaints regarding the incentives include: high public subsidies as compared to the value of the reduced
carbon footprint of electric vehicles; the possibility of traffic congestion in some of Oslo's bus lanes due to the increasing
number of electric cars; the loss of revenue for some ferry operators due to the large number of electric cars exempted
from payment; and the shortage of parking spaces for owners of conventional cars due to preference to electric cars
(although this was actually the intended policy).
The performance of the market is forecast to decelerate, with an anticipated CAGR of 19% for the five-year period 2015 -
2020, which is expected to drive the market to a value of $4,137.3m by the end of 2020. Comparatively, the Danish and
Swedish markets will grow with CAGRs of 26.5% and 18.5% respectively, over the same period, to reach respective
values of $556.6m and $1,604.5m in 2020.

MARKET DATA
Market value
The Norwegian hybrid & electric cars market grew by 33.1% in 2015 to reach a value of $1,735 million.
The compound annual growth rate of the market in the period 2011–15 was 65.4%.
Table 1: Norway hybrid & electric cars market value: $ million, 2011–15
Year $ million NOK million € million % Growth

2011 231.6 1,867.6 208.7
2012 428.0 3,451.9 385.8 84.8%
2013 780.1 6,291.9 703.2 82.3%
2014 1,303.3 10,511.2 1,174.7 67.1%
2015 1,735.0 13,992.6 1,563.8 33.1%
CAGR: 2011–15 65.4%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Norway hybrid & electric cars market value: $ million, 2011–15

Market volume
The Norwegian hybrid & electric cars market grew by 33.7% in 2015 to reach a volume of 38,598 units.
The compound annual growth rate of the market in the period 2011–15 was 61.7%.
Table 2: Norway hybrid & electric cars market volume: units, 2011–15
Year units % Growth

2011 5,641.0
2012 10,066.0 78.4%
2013 17,709.0 75.9%
2014 28,868.0 63.0%
2015 38,598.0 33.7%
CAGR: 2011–15 61.7%
Figure 2: Norway hybrid & electric cars market volume: units, 2011–15

MARKET SEGMENTATION
Category segmentation
Electric is the largest segment of the hybrid & electric cars market in Norway, accounting for 72% of the market's total
volume.
The Hybrid segment accounts for the remaining 28% of the market.
Table 3: Norway hybrid & electric cars market category segmentation: units, 2015
Category 2015 %
Electric 27,790.0 72.0%
Hybrid 10,808.0 28.0%
Total 38,598 100%
Figure 3: Norway hybrid & electric cars market category segmentation: % share, by volume, 2015

Geography segmentation
Norway accounts for 12.9% of the European hybrid & electric cars market value.
The United Kingdom accounts for a further 20% of the European market.
Table 4: Norway hybrid & electric cars market geography segmentation: $ million, 2015
Geography 2015 %
United Kingdom 2,689.0 20.0
Norway 1,735.0 12.9
Germany 1,622.1 12.1
Sweden 686.3 5.1
Denmark 171.6 1.3
Rest of Europe 6,524.1 48.6
Total 13,428.1 100%
Figure 4: Norway hybrid & electric cars market geography segmentation: % share, by value, 2015

Market share
Nissan Motor Company is the leading player in the Norwegian hybrid & electric cars market, generating a 30.4% share of
the market's volume.
Volkswagen AG accounts for a further 23.4% of the market.
Table 5: Norway hybrid & electric cars market share: % share, by volume, 2015
Company % Share
Nissan Motor Company 30.4%
Volkswagen AG 23.4%
Tesla Motors Inc 13.6%
Mitsubishi Motors Corporation 10.6%
Other 22.0%
Total 100%
Figure 5: Norway hybrid & electric cars market share: % share, by volume, 2015

MARKET OUTLOOK
Market value forecast
In 2020, the Norwegian hybrid & electric cars market is forecast to have a value of $4,137.3 million, an increase of
138.5% since 2015.
The compound annual growth rate of the market in the period 2015–20 is predicted to be 19%.
Table 6: Norway hybrid & electric cars market value forecast: $ million, 2015–20
Year $ million NOK million € million % Growth

2015 1,735.0 13,992.6 1,563.8 33.1%
2016 2,227.7 17,966.0 2,007.8 28.4%
2017 2,705.1 21,816.4 2,438.1 21.4%
2018 3,182.5 25,666.8 2,868.4 17.6%
2019 3,659.9 29,517.2 3,298.7 15.0%
2020 4,137.3 33,367.6 3,729.0 13.0%
CAGR: 2015–20 19.0%
Figure 6: Norway hybrid & electric cars market value forecast: $ million, 2015–20

Market volume forecast
In 2020, the Norwegian hybrid & electric cars market is forecast to have a volume of 57,828 units, an increase of 49.8%
since 2015.
The compound annual growth rate of the market in the period 2015–20 is predicted to be 8.4%.
Table 7: Norway hybrid & electric cars market volume forecast: units, 2015–20
Year units % Growth

2015 38,598.0 33.7%
2016 36,992.0 (4.2%)
2017 42,201.0 14.1%
2018 47,410.0 12.3%
2019 52,619.0 11.0%
2020 57,828.0 9.9%
CAGR: 2015–20 8.4%
Figure 7: Norway hybrid & electric cars market volume forecast: units, 2015–20

FIVE FORCES ANALYSIS
The hybrid & electric cars market will be analyzed taking car manufacturers as players. The key buyers will be taken as
consumers and fleet operators, and suppliers of commodity items, such as metals as the key suppliers.
Summary
Figure 8: Forces driving competition in the hybrid & electric cars market in Norway, 2015
Due to the rapidly expanding nature of this market in Norway, rivalry should be alleviated somewhat in the hybrid &
electric cars industry, meaning there is more revenue for players to share.
Recent reassure on consumers and the government to consider alternative fuel options in order to limit the effects of
pollution has been mounting and the combination of this pressure together with a healthier automotive market has
helped to spur on the hybrid & electric car industry.
Government incentives have played a vital role in the development of the industry, with tax breaks and other incentives
being key factors in the decision making process for final consumers. Norway is a prime example of this trend in terms of
electric cars, where consumers have received substantial incentives to purchase all-electric vehicles thus making
Norway one of the leading countries for BEVs.
The new cars market in general has a large number of buyers and because buyers are so price-sensitive, manufacturers
have invested significantly in brand building and the reduction of switching costs. These factors serve to weaken buyer
power.
Key inputs in this market include commodities like steel, the price of which may be difficult for manufacturers to control,
and other inputs such as fabricated components and labor. Although there are high capital requirements in order to
achieve a viable manufacturing scale, as consumers become more receptive to alternative fuel vehicles, incumbents
may face more threat from new entrants offering innovative products. The success of the recently established US-based
electric car marker, Tesla Motors, highlights the opportunities available for new entrants. Substitutes such as used cars,
standard fuel cars and public transport offer a very strong threat to hybrid & electric car makers.

Buyer power
Figure 9: Drivers of buyer power in the hybrid & electric cars market in Norway, 2015
Buyers in the Norwegian hybrid & electric cars market tend to enjoy growing disposable income when buying new cars,
particularly given the increased purchase costs of both vehicle types and the potential further costs of home-based
electrical power installation.
The market offers a limited degree of choice for customers, with only a few manufacturers making a limited range of
products, particularly in the all-electric segment. For many buyers, who are price-sensitive, switching costs have been
reduced substantially in Norway due to government incentives designed to make electric cars as competitive as standard
fuel vehicles. The benefits of purchasing an electric vehicle in Norway have been significant - purchase taxes and VAT
were removed up until 50,000 electric vehicles had been sold - a target that was reached in 2015. In addition, electric
cars benefit from free parking, free charging stations and the use of bus lanes. It has not yet been decided how these
benefits will now be curtailed but they are expected to be reduced since calculations have shown that the annual benefit
per electric car in Oslo is somewhere between $3,500 and $8,000. In order to retain customers, manufacturers have also
invested heavily in brand building, infrastructure development, service relationships and mass manufacturing techniques
for alternative power-train formats, meaning buyer power is beginning to be further weakened. For example, Tesla has
installed a number of supercharging stations that are free to use for Tesla owners in Norway.
This market possesses a large number of vehicles being sold to an equally large number of consumers. This reduces
buyer power. Car leasing companies offer a partial exception to this, nevertheless compared to international car
manufacturers like Toyota, VW or Nissan, even the biggest car buyers do not present large negotiating power. Favorable
prices can be obtained through bulk purchasing and contractual arrangements, along with an enhanced degree of buyer
power.
More cars than ever are sold to people with an environmentally conscious outlook and consumer attitudes are likely to be
further shifted towards hybrid & electric cars following the Volkswagen emissions rigging scandal. This fact adds to buyer
power in the short term as players have to meet buyers’ requirements but will serve to weaken buyer power in the long
term as hybrid & electric cars become more commonplace.
Overall, buyer power in the hybrid & electric cars market is assessed as moderate.

Supplier power
Figure 10: Drivers of supplier power in the hybrid & electric cars market in Norway, 2015
Key inputs required by car manufacturers include commodity items, such as metals, as well as more differentiated input
such as fabricated components, produced by other companies rather than being manufactured in-house. Players require
operational and logistics excellence from suppliers, including supporting rapid part identification and Internet availability
checks, timely delivery, flexible replenishment and return logistics. All these high standard requirements diminish the
supplier's power, however if any supplier is able to meet these it is usually entered into long lasting relationships with
international players, thus increasing supplier power.
There is often little to distinguish between suppliers, with raw materials offering low differentiation. This reduces supplier
power somewhat. Despite this, the high importance of the quality of raw materials and components to the car
manufacturers (particularly when safety-critical) can enhance supplier power. Companies supplying rechargeable battery
components in particular are vital to car manufacturers as the highest quality is required in order to remain competitive in
comparison to standard fuel vehicles.
Manufacturers’ margins have been affected by globally fluctuating raw material prices, such as those of steel and
aluminum, during recent years. In order to minimize operating costs and distinguish themselves from rivals, suppliers can
arrange changes aimed at decreasing margins and increasing turnover, while improving customer service. The industry
is trying to achieve shorter delivery times, faced with increasingly stringent quality requirements. A key success factor for
automotive suppliers is successful collaboration between themselves and market players, and the integration of
processes throughout the supply chain.
The upstream competitive landscape is relatively fragmented, although recent consolidation in the steel industry could
boost supplier power. Typical suppliers are likely to sell to a wide variety of manufacturing companies, with the hybrid &
electric car market likely contributing only a small share of total supplier revenues. However, demand for automotive
parts and accessories is driven by a steady increase in the number of motor vehicles in the world. This further
strengthens the position of suppliers. Overall, supplier power is moderate.

New entrants
Figure 11: Factors influencing the likelihood of new entrants in the hybrid & electric cars market in
Norway, 2015
It is relatively difficult for new players to directly enter the market due to the importance of brand strength, reputation
within the new cars market and huge prior entry financial expenses. Those cars that are succeeding are more often than
not simply the brands of existing car manufacturers. For example, Nissan manufactures the all-electric Leaf and Toyota
manufactures the hybrid Prius. Due to the high fixed costs involved in car design and manufacture, as well as the
economies of scale gained from mass production, new start-up companies are rare: the capital requirements for a
manufacturing facility of feasible scale are high. Tesla Motors is an exception to this trend, which was only founded in
2003, and has moved from providing fairly niche electric cars to having serious plans for mass production with the Tesla
Model 3 electric car due for release in 2016/17.
In a rapidly growing industry, keeping up with current technological trends is essential for success. As companies grow
through mergers, acquisitions and cooperation with other companies, it becomes increasingly important to have systems
that are cheap, easy to maintain and expand. New players must provide the means to gain a competitive advantage with
the ability to meet growing customer expectations and service levels while protecting and optimizing profits.
New entrants are likely to be encouraged by optimistic future growth and the importance of the car market to national
economies as well as the importance of climate change issues to consumers. Saturation in the traditional new cars
market also offers new entrants the opportunity to enter the Norwegian market with fresh product categories.
New entrants are looking for market niches and dedicating specially designed cars for relatively narrow customer targets
at present; an example would be the all-electric Toroidion from Finland, which manages to run at a phenomenal 1,341 hp
(the petrol powered Bugatti Veyron only manages a mere 1,001 hp). Others may be looking for a breakthrough solution
that could become a new trend in the market. Recent press reports also suggest that Apple is actually considering
entering the automotive market. The company is working on its own electrically powered, self-steering car. Allegedly, the
Cupertino company has set itself the goal to start production of its own car within the next five years - by 2020. Such
initiatives are boosting new entrant power, which is assessed as moderate overall.

Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the hybrid & electric cars market in
Norway, 2015
The main substitutes threatening players in the hybrid & electric cars market are standard fuel cars, used cars,
alternative forms of personal transport, and public transport. Automotive manufacturers tend to produce a range of
vehicles running different fuel types and so the threat of standard fuel cars to market players is not as great as other
substitutes. Nevertheless, public transport and standard fuel cars are often cheaper alternatives, even if they may not be
the most environmentally friendly option.
Public transport, and personal transport substitutes, such as bicycles, can reduce the effect of volatile fuel prices for the
user. However, end-users may also find them less convenient, less reliable, and less significant as status symbols. In
2011, the European Union suggested a radical plan entitled: 'Single European Transport Area”. According to its
framework, by 2050 all traditionally powered cars are to be eliminated from the urban space and the development of rail
and water as natural substitutes for the car are to be sped up.
Overall, the threat from substitutes to personal cars in general and hybrid & electric cars in particular is very strong.

Degree of rivalry
Figure 13: Drivers of degree of rivalry in the hybrid & electric cars market in Norway, 2015
A small number of large companies such as Tesla, Nissan, Volkswagen and Mitsubishi dominate the hybrid & electric
cars market. The market is highly consolidated, as companies are reluctant to enter a new car segment given the
significant fixed and development costs involved in car production. A degree of differentiation reduces rivalry somewhat;
there are several different sub-segments within the market, such as BEVs, PHEVs, EREVs and HEVs. Moreover, these
segments can be split out in terms of saloons, hatchbacks, and SUVs etc. and automotive manufacturers also produce a
wide range of other vehicles with different fuel types including gas, diesel, LPG and hydrogen fuel cell. Some companies,
such as Tesla and Daimler also obtain differentiation through the sale of home battery packs for private energy storage
systems.
Companies utilize a high level of design and marketing to promote their products. The rapid growth of hybrid & electric
car units sold over the last five years, coupled with optimistic forecasts, diminishes the rivalry level somewhat. Although it
remains to be seen how changes to government incentives will impact sales volumes, given that 100% of energy created
in Norway is renewable (through hydroelectricity) it seems reasonable to assume that the country will continue with
environmentally friendly policies to some extent.
That said, high operating costs and exit barriers in the automotive industry, as well as fierce competition to obtain
valuable market share mean that overall rivalry in the global hybrid & electric cars market is strong.

LEADING COMPANIES
Mitsubishi Motors Corporation
Table 8: Mitsubishi Motors Corporation: key facts
Head office: 5-33-8, Shiba, Minato-ku, Tokyo 108 8410, JPN

Telephone: 81 3 3456 1111
Fax: 81 3 6852 5405
Website: www.mitsubishi-motors.com
Financial year-end: March
Ticker: Tokyo SE
Stock exchange: 7211
SOURCE: COMPANY WEBSITE MARKETLINE
Mitsubishi Motors Corporation (Mitsubishi Motors or 'the company’) is primarily engaged in the development, design,
manufacture, assembly, sales and purchase, and importing of automobiles, automotive components, replacement parts,
and industrial engines. It also offers insurance and financial services. The company operates through 42 consolidated
subsidiaries and 21 equity method affiliates. The company primarily operates in Japan and has its sales operations in
more than 160 countries across Asia, Europe, and North America.
The company primarily operates through two main business segments: automobiles and financial services.
The company's automobiles segment offers passenger cars, mini cars, and light commercial vehicles (LCV). It markets
its products under Pajero, Triton, Outlander, Delica, Lancer, Zinger, Galant, Colt, Mirage, Attrage, Minicab, and L300
brand names. It also offers i-MiEV, ek Wagon, and ek Space variants. During the same period, the company sold
1,090,000 vehicles worldwide which included 115,000 vehicles in Japan; 344,000 vehicles in Asia; 227,000 vehicles in
Europe; 117,000 vehicles in North America; and 287,000 vehicles in other regions.
The company operates six car manufacturing facilities in four countries and has 12 business partner's facilities in 11
countries. Its engine transmission parts manufacturing facilities include eight facilities in five countries and carries
research and development activities through eight facilities in five countries.
The financial services segment is engaged in sales finance and leasing services of the company's products. The
company acts as insurance agents in accordance with laws relating to property damage insurance and to automobile
damage indemnity insurance. It is also engaged in the sales of measuring equipment.
Key Metrics
The company recorded revenues of $20,602 million in the fiscal year ending March 2015, an increase of 4.2% compared
to fiscal 2014. Its net income was $1,116 million in fiscal 2015, compared to a net income of $989 million in the
preceding year.

Table 9: Mitsubishi Motors Corporation: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 17,274.4 17,074.1 17,148.0 19,777.1 20,602.1
Net income (loss) 147.6 226.1 358.8 988.8 1,116.4
Total assets 12,399.7 12,482.8 13,725.2 14,585.6 14,953.3
Total liabilities 10,055.9 9,973.4 10,407.0 9,389.5 8,616.3
SOURCE: COMPANY FILINGS MARKETLINE
Table 10: Mitsubishi Motors Corporation: key financials (¥)
¥ million 2011 2012 2013 2014 2015

Revenues 1,828,497.0 1,807,293.0 1,815,113.0 2,093,409.0 2,180,728.0
Net income (loss) 15,621.0 23,928.0 37,978.0 104,664.0 118,170.0
Total assets 1,312,511.0 1,321,306.0 1,452,809.0 1,543,890.0 1,582,802.0
Total liabilities 1,064,418.0 1,055,686.0 1,101,582.0 993,881.0 912,036.0
Table 11: Mitsubishi Motors Corporation: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 0.9% 1.3% 2.1% 5.0% 5.4%
Revenue growth 26.5% (1.2%) 0.4% 15.3% 4.2%
Asset growth 4.3% 0.7% 10.0% 6.3% 2.5%
Liabilities growth 3.9% (0.8%) 4.3% (9.8%) (8.2%)
Debt/asset ratio 81.1% 79.9% 75.8% 64.4% 57.6%
Return on assets 1.2% 1.8% 2.7% 7.0% 7.6%

Figure 14: Mitsubishi Motors Corporation: revenues & profitability
Figure 15: Mitsubishi Motors Corporation: assets & liabilities

Nissan Motor Co., Ltd.
Table 12: Nissan Motor Co., Ltd.: key facts
1-1 Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa 220 8686,

Head office:
JPN
Telephone: 81 45 523 5523
Fax: 81 45 523 5770
Website: www.nissan-global.com
Financial year-end: March
Ticker: 7201; NSANY
Stock exchange: Tokyo SE, OTC Bulletin SE
Nissan Motor Co., Ltd. (Nissan or ‘the group’) and its subsidiaries are primarily engaged in the manufacturing and sales
of automobiles, marine products, and related parts. The group manufactures vehicles in 20 countries and offers its
products and services in more than 170 countries worldwide. It has global operations, including Japan, the US, Canada,
Mexico, Australia, New Zealand, Thailand, Indonesia, and India.
The group partners with Renault for automobile manufacturing and sales and automotive financing. Renault holds 43.4%
stake in Nissan, while Nissan owns 15% of Renault shares. Renault Nissan manages the operations of RNPO (Renault-
Nissan Purchasing Organization) and RNIS (Renault-Nissan Information Services).
The group organizes its operations into two reportable segments: automobile and sales financing.
Nissan's automobile segment is engaged in the manufacturing and sale of vehicles, marine products, and related parts.
The vehicle division manufactures passenger cars, zero emission vehicles, compacts, sedans, sports utility vehicles
(SUVs), minivans, wagons, crossovers, specialty cars, pickups, and light commercial vehicles (LCV's). The group
markets its passenger cars under Nissan, Infiniti, and Datsun brand names. Some of the key models of the Nissan brand
include Leaf, Micra, Cube, Sunny, Tsuru, Versa, Fairlady, GT-R, Wingroad, Sentra, Lafesta, Juke, Rogue, Altima,
Maxima, X-trail, Patrol, Pathfinder, Armada, Xterra, Murano, Quest, Elgrand, Livina, Serena, Clipper, Frontier, Titan, and
Teana.
Nissan offers luxury cars under the Infiniti brand for markets, including the US, Canada, Europe, Russia, the Middle East,
China, and Korea. The group also offers Datsun branded low-cost vehicles for the emerging markets.
In FY2015, the group's global vehicle production volume was 3,710,370 units. Out of the overall production, the group
produced 870,608 units in Japan; 936,792 units in the US; 807,145 units in Mexico; 481,180 units in the UK; 130,166
units in Spain; 27,751 units in Russia; 101,250 units in Thailand; 48,070 units in Indonesia; 1,268 units in Philippines;
210,271 units in India; 37,127 units in South Africa; 42,580 units in Brazil; and 16,162 units in Egypt. Similarly, the group
sold a total of 4,112,928 vehicles in FY2015, including 590,432 in Japan; 1,836,790 in North America (including
1,412,321 sold in the US); 770,838 in Europe; 321,386 in Asia; and 593,482 in other overseas countries.
The sales financing segment provides sales finance service and leasing to support sales activities of the group. It
provides financial products and services, including financing services of group companies, auto loans, car leasing and
credit cards primarily in Japan and North America. The sales financing segment consists of Nissan Financial Services,
Nissan Motor Acceptance, NR Finance Mexico SOFOM, the sales finance operations of Nissan Canada, the sales
finance operations of Dongfeng Motor, and four other companies.

In addition, Nissan is engaged in various marine businesses, including pleasure boat production and sales, marina
business, and export of outboard engines. Nissan Marine offers a range of services for the marine industry, including
boat development, production, sales, and aftersales service. The group manages nine marinas both under the direct and
entrusted management.
Key Metrics
The company recorded revenues of $107,465 million in the fiscal year ending March 2015, an increase of 8.5%
compared to fiscal 2014. Its net income was $4,323 million in fiscal 2015, compared to a net income of $3,675 million in
the preceding year.
Table 13: Nissan Motor Co., Ltd.: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 82,882.3 88,890.2 90,973.8 99,031.8 107,465.3
Net income (loss) 3,015.8 3,225.6 3,235.2 3,675.3 4,322.9
Total assets 104,601.4 117,546.9 120,974.7 138,907.9 161,036.0
Employees 155,099 157,365 160,530 147,939 142,930
Table 14: Nissan Motor Co., Ltd.: key financials (¥)
¥ million 2011 2012 2013 2014 2015

Revenues 8,773,093.0 9,409,026.0 9,629,574.0 10,482,520.0 11,375,207.0
Net income (loss) 319,221.0 341,433.0 342,446.0 389,034.0 457,574.0
Total assets 11,072,053.0 12,442,337.0 12,805,170.0 14,703,403.0 17,045,659.0
Total liabilities 7,462,910.0 7,622,056.0 8,731,177.0 10,031,875.0 11,798,397.0

Table 15: Nissan Motor Co., Ltd.: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 3.6% 3.6% 3.6% 3.7% 4.0%
Revenue growth 16.7% 7.2% 2.3% 8.9% 8.5%
Asset growth 3.1% 12.4% 2.9% 14.8% 15.9%
Liabilities growth 3.7% 2.1% 14.6% 14.9% 17.6%
Debt/asset ratio 67.4% 61.3% 68.2% 68.2% 69.2%
Return on assets 2.9% 2.9% 2.7% 2.8% 2.9%
Revenue per employee $534,383 $564,866 $566,709 $669,410 $751,874
Profit per employee $19,444 $20,498 $20,153 $24,844 $30,245
Figure 16: Nissan Motor Co., Ltd.: revenues & profitability

Figure 17: Nissan Motor Co., Ltd.: assets & liabilities

Tesla Motors, Inc.
Table 16: Tesla Motors, Inc.: key facts
Head office: 3500 Deer Creek Road, Palo Alto, California 94304, USA
Telephone: 1 650 681 5000
Website: www.teslamotors.com
Financial year-end: December
Ticker: TSLA
Stock exchange: Nasdaq
Tesla Motors, Inc. (Tesla or 'the company') designs, develops, manufactures, and sells fully electric vehicles and
advanced electric vehicle powertrain components and energy storage systems. In addition, it also provides services for
the development of full electric powertrain systems and components, and sells electric powertrain components to other
automotive manufacturers. Tesla operates in North America, Europe, and Asia.
The company operates through a single segment that design, development, manufacturing and sales of electric vehicles
and electric powertrain components. The company's products can be categorized into Model S, Model X, Model 3,
stationary energy storage applications, and powertrain development and sales.
Tesla is currently producing and selling its second vehicle, the Model S sedan. It is a fully electric four-door five-adult
passenger sedan offers compelling range and performance with zero tailpipe emissions. The Model S offers a range on
a single charge of up to 288 miles determined using the US EPA’s combined two-cycle city/highway test. The
performance version of the company’s All-Wheel Drive Dual Motor Model S accelerates from 0 to 60 miles per hour in
2.8 seconds with the ludicrous speed upgrade. Model S also offers battery pack in the floor of the vehicle and the motor
and gearbox in line with the rear axle, in addition the single motor Model S provides best in class storage space. It is also
available with premium luxury features, including a 17 inch touch screen driver interface, the company’s advanced
autopilot system with both active safety and convenience features, and over-the-air software updates.
Model X is a sport utility vehicle that offers functionality with high performance features such as fully electric, all-wheel
drive dual motor system and autopilot system. It provides up to 257 miles of range on a single charge, and can
accelerate from 0 to 60 as quickly as 3.2 seconds with the ludicrous speed upgrade. Model X seats seven adults and
incorporates a unique falcon wing door system for superior access to the second and third seating rows.
Tesla intends to develop a third-generation electric vehicle, called Model 3. The company is expected to offer Model 3 at
a lower price point and to be produced at higher volumes. Tesla aims to introduce Model 3 in 2017.
Tesla also offers stationary energy storage products for use in homes, commercial sites and utilities. The applications for
these battery systems include backup power, peak demand reduction, demand response, and wholesale electric market
services. In addition to own vehicles, the company also designs, develops, manufactures and sells advanced electric
vehicle powertrain components to other automotive manufacturers. The power electronics in the electric vehicle
powertrain govern the flow of high voltage electrical current throughout the vehicle. It has two primary functions,
powering electric motor to generate torque while driving and delivering energy into the battery pack while charging.

As of December 2015, Tesla operated 208 locations around the world, including all of its sales, service plus and service
facilities. The company also operates a network of Superchargers to enable long distance driving. The company is
building a network of up to 120 kW fast charging equipment, each called a Tesla Supercharger, throughout North
America, Europe, and Asia for fast charging of Tesla vehicles. The Tesla Supercharger is an industrial grade, high speed
charger designed to replenish 170 miles of range in the battery pack in as little as 30 minutes. The company has 584
Supercharger stations open in North America, Europe, and Asia. Also in FY2015, the company operated around 1,800
locations around the world had more than 3,100 Tesla wall connectors installed.
Additionally, the company designs, develops, and manufactures engineering of electric vehicles and electric vehicle
components and systems. Tesla primarily designs and engineers engineer bodies, chassis, interiors, heating and cooling
and low voltage electrical systems in house and to a lesser extent in conjunction with the company's suppliers. The
company is also engaged in designing, developing and manufacturing lithium-ion battery packs, electric motors,
gearboxes, and components both for its vehicles and for the company's original equipment manufacturer customers at
the Tesla factory.
Tesla also conducts its powertrain and vehicle manufacturing and assembly operations at its facilities in Fremont,
California; Lathrop, California; and Tilburg, the Netherlands. The company is also building a cell and battery
manufacturing facility, the Tesla Gigafactory, Reno, Nevada.
Key Metrics
The company recorded revenues of $4,046 million during the financial year ended December 2015 (FY2015), an
increase of 26.5% over FY2014. The operating loss of the company was $716.6 million in FY2015, as compared to an
operating loss of $186.7 million in

Volkswagen AG
Table 17: Volkswagen AG: key facts
Head office: 38436 Wolfsburg, DEU

Telephone: 49 5361 9 0
Fax: 49 5361 9 2828 2
Website: www.volkswagenag.com
Financial year-end: December
Ticker: VOW
Stock exchange: Frankfurt SE
Volkswagen AG (Volkswagen or 'the group'), the parent company of the Volkswagen Group, manufactures passenger
and commercial vehicles. The group is also active in other fields of business, including manufacturing large-bore diesel
engines for marine and stationary applications, turbo chargers, turbo machinery, compressors and chemical reactors. In
FY2015, the group delivered 10,009,605 vehicles.
The group operates through four business segments: passenger cars; financial services; commercial vehicles; and
power engineering.
The passenger cars segment is engaged in the development of vehicles and engines, production and sale of passenger
cars, and genuine parts business. The group sells its vehicles under various brands, including: Volkswagen Passenger;
Audi; Skoda; Porsche; SEAT; Bentley; Bugatti; and Lamborghini. The segment's each brand operates as an independent
entity in the market. In FY2015, Volkswagen delivered 9,320,681 passenger cars to customers worldwide. It also
includes the Ducati brand's motorcycle business.
The Volkswagen financial services segment comprises dealer and customer financing, leasing, banking and insurance
activities, as well as fleet management in 51 countries. The segment co-ordinate the global financial services activities of
Volkswagen excluding Scania and Porsche brands and the financial services business of Porsche Holding Salzburg. The
principal companies in this segment include Volkswagen Bank, Volkswagen Leasing, and Volkswagen
Versicherungsdienst in Europe; and VW CREDIT in North America.
In the commercial vehicle sector, the group offers buses, pick-ups and heavy trucks. The commercial vehicle segment
includes the operations of Volkswagen Commercial Vehicles, Scania, and MAN brands. The segment is primarily
engaged in the development, production and sale of light commercial vehicles, trucks and buses, its related genuine
parts business and related services. In FY2015, Volkswagen delivered 609,836 commercial vehicles, trucks and buses
to customers worldwide.
The group's power engineering segment is engaged in the development and production of large-bore diesel engines,
turbo compressors, industrial turbines and chemical reactor systems as well as the production of gear units, propulsion
components and testing systems.
During FY2015, the group delivered 9,320,681 vehicles, including 5,823,408 units of Volkswagen passenger vehicles,
1,803,246 Audi vehicles, 1,055,501 Skoda vehicles, 400,037 SEAT vehicles, 10,100 Bentley vehicles, 3,245
Lamborghini's, 225,121 Porsche vehicles and 23 Bugatti. In addition, the group delivered 609,836 commercial vehicles,
including 430,801 Volkswagen Commercial vehicles, 76,561 Scania vehicles, and 102,474 MAN vehicles.

Key Metrics
The company recorded revenues of $283,068 million in the fiscal year ending December 2015, an increase of 5.4%
compared to fiscal 2014. Its net loss was $1,806 million in fiscal 2015, compared to a net income of $14,689 million in
the preceding year.
Table 18: Volkswagen AG: key financials ($)
$ million 2011 2012 2013 2014 2015

Revenues 211,462.5 255,708.0 261,455.9 268,690.1 283,068.3
Net income (loss) 20,449.9 29,039.2 12,136.7 14,688.8 (1,806.2)
Total assets 336,597.2 410,773.7 430,435.3 466,103.5 506,881.2
Employees 501,956 549,763 563,066 592,586 610,076
Table 19: Volkswagen AG: key financials (€)
€ million 2011 2012 2013 2014 2015

Revenues 159,337.0 192,676.0 197,007.0 202,458.0 213,292.0
Net income (loss) 15,409.0 21,881.0 9,145.0 11,068.0 (1,361.0)
Total assets 253,626.0 309,518.0 324,333.0 351,209.0 381,935.0
Table 20: Volkswagen AG: key financial ratios
Ratio 2011 2012 2013 2014 2015

Profit margin 9.7% 11.4% 4.6% 5.5% (0.6%)
Revenue growth 25.6% 20.9% 2.2% 2.8% 5.4%
Asset growth 27.2% 22.0% 4.8% 8.3% 8.7%
Liabilities growth 26.3% 19.6% 3.0% 11.4% 12.5%
Debt/asset ratio 75.0% 73.5% 72.2% 74.3% 76.9%
Return on assets 6.8% 7.8% 2.9% 3.3% (0.4%)
Revenue per employee $421,277 $465,124 $464,343 $453,420 $463,989
Profit per employee $40,740 $52,821 $21,555 $24,788 ($2,961)

Figure 18: Volkswagen AG: revenues & profitability
Figure 19: Volkswagen AG: assets & liabilities

MACROECONOMIC INDICATORS
Country data
Table 21: Norway size of population (million), 2011–15
Year Population (million) % Growth

2011 5.0 1.3%
2012 5.1 1.3%
2013 5.1 1.1%
2014 5.2 1.3%
2015 5.2 1.4%
Table 22: Norway gdp (constant 2005 prices, $ billion), 2011–15
Year Constant 2005 Prices, $ billion % Growth

2011 320.0 1.3%
2012 329.3 2.9%
2013 331.4 0.6%
2014 337.5 1.8%
2015 343.4 1.7%
Table 23: Norway gdp (current prices, $ billion), 2011–15
Year Current Prices, $ billion % Growth

2011 490.8 16.6%
2012 500.0 1.9%
2013 512.6 2.5%
2014 511.8 (0.1%)
2015 533.2 4.2%

Table 24: Norway inflation, 2011–15
Year Inflation Rate (%)

2011 1.3%
2012 0.7%
2013 2.1%
2014 2.0%
2015 2.1%
Table 25: Norway consumer price index (absolute), 2011–15
Year Consumer Price Index (2005 = 100)

2011 113.4
2012 114.2
2013 116.6
2014 118.9
2015 121.4
Table 26: Norway exchange rate, 2011–15
Year Exchange rate ($/NOK) Exchange rate (€/NOK)

2011 5.6008 7.7919
2012 5.8199 7.4758
2013 5.8770 7.8084
2014 6.3023 8.3545
2015 8.0650 8.9481

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provide the foundation for all related industry profiles
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profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
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Industry associations
European Automobile Manufacturers Association
Avenue des Nerviens 85, B-1040, Brussels, BEL
Tel.: 32 2 732 55 50
Fax: 32 2 738 73 10
www.acea.be
International Organization of Motor Vehicle Manufacturers
4 rue de Berri, 8ème arrondissement, Paris, FRA
Tel.: 33 1 4359 0013
Fax: 33 1 4563 8441
www.oica.net
Related MarketLine research

Industry Profile
Global Electric & Hybrid Cars
Electric & Hybrid Cars in Europe
Electric & Hybrid Cars in the United States
Electric & Hybrid Cars in China
Electric & Hybrid Cars in Japan

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Hybrid & Electric

Reference Code: 0177-2815

Publication Date: October 2016

Norway - Hybrid & Electric Cars 0177 - 2815 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

Market volume forecast

Norway - Hybrid & Electric Cars 0177 - 2815 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Market value forecast ................................................................................................................................................. 2

Market volume forecast .............................................................................................................................................. 2

Category segmentation .............................................................................................................................................. 2

Geography segmentation ........................................................................................................................................... 2

Market share .............................................................................................................................................................. 2

Market Overview ............................................................................................................................................................ 7

Market definition ......................................................................................................................................................... 7

Market analysis .......................................................................................................................................................... 7

Market Data ................................................................................................................................................................... 9

Market Segmentation ................................................................................................................................................... 11

Category segmentation ............................................................................................................................................ 11

Geography segmentation ......................................................................................................................................... 12

Market share ............................................................................................................................................................ 13

Market Outlook ............................................................................................................................................................. 14

Market value forecast ............................................................................................................................................... 14

Market volume forecast ............................................................................................................................................ 15

Five Forces Analysis .................................................................................................................................................... 16

Buyer power ............................................................................................................................................................. 17

Supplier power ......................................................................................................................................................... 18

New entrants ............................................................................................................................................................ 19

Degree of rivalry ....................................................................................................................................................... 21

Leading Companies ..................................................................................................................................................... 22

Norway - Hybrid & Electric Cars 0177 - 2815 - 2015

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

Nissan Motor Co., Ltd. ............................................................................................................................................. 25

Tesla Motors, Inc...................................................................................................................................................... 29

Macroeconomic Indicators ........................................................................................................................................... 34

Industry associations ................................................................................................................................................ 37

Related MarketLine research ................................................................................................................................... 37

About MarketLine ..................................................................................................................................................... 38

Norway - Hybrid & Electric Cars 0177 - 2815 - 2015

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Table 8: Mitsubishi Motors Corporation: key facts........................................................................................................ 22

Table 9: Mitsubishi Motors Corporation: key financials ($) ........................................................................................... 23

Table 10: Mitsubishi Motors Corporation: key financials (¥) ......................................................................................... 23

Table 11: Mitsubishi Motors Corporation: key financial ratios ...................................................................................... 23

Table 12: Nissan Motor Co., Ltd.: key facts ................................................................................................................. 25

Table 16: Tesla Motors, Inc.: key facts ......................................................................................................................... 29

Table 17: Volkswagen AG: key facts ............................................................................................................................ 31

Table 18: Volkswagen AG: key financials ($) ............................................................................................................... 32

Table 19: Volkswagen AG: key financials (€) ............................................................................................................... 32

Table 20: Volkswagen AG: key financial ratios ............................................................................................................ 32

Table 21: Norway size of population (million), 2011–15 ............................................................................................... 34

Table 23: Norway gdp (current prices, $ billion), 2011–15 ........................................................................................... 34

Table 24: Norway inflation, 2011–15 ............................................................................................................................ 35

Table 25: Norway consumer price index (absolute), 2011–15 ..................................................................................... 35

Table 26: Norway exchange rate, 2011–15 ................................................................................................................. 35

Norway - Hybrid & Electric Cars 0177 - 2815 - 2015

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Figure 14: Mitsubishi Motors Corporation: revenues & profitability .............................................................................. 24

Figure 15: Mitsubishi Motors Corporation: assets & liabilities ...................................................................................... 24

Figure 18: Volkswagen AG: revenues & profitability .................................................................................................... 33