Weak krone turns Tesla-loving Norway into used car exporter

Imports of used automobiles in Norway plummeted in May, turning the country into a net exporter as a drop in purchasing power hits home.

The registration of imported used cars fell about 80% in May from a year earlier, with the weak krone and price increases in other European countries driving the decline, the Road Traffic Information Council, or OFV, said Thursday. Used importers and other car dealers have started exporting to Europe, with more personal vehicles sent abroad than imported so far this year, it said.

The long-time trend of high imports of almost new electric vehicles has been broken with cars sought after by enthusiasts, such as Mustangs, Corvettes and Camaros, becoming the most popular. EVs still dominate new car registrations with 80% of the total in May, lead by Tesla’s Model Y.

The krone is the biggest decliner versus the dollar and the euro in the G-10 space of most traded currencies over the last 12 months, following a decline in fossil fuel prices, slower rate hikes than in the US and the rest of Europe, as well as growing global risk aversion.