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Norway Considering Big Tax Hikes On Tesla Inc (TSLA) Vehicles

TSLA – Tesla could face massive new sales taxes on cars sold in Norway.

Vehicles sold by Tesla Inc (NASDAQ:TSLA) in the EV-friendly nation of Norway could soon be subject to a massive new sales tax.

Electrek has the details on the startling development:

Norwegian media apparently had access to the government’s upcoming new proposed 2018 budget set to be released tomorrow and in it, they found what they are already calling a ‘Tesla tax’.

It looks like it will be a new tax especially for heavier electric vehicles and since Tesla’s cars have the biggest battery packs to enable a longer range, they would be the most affected by the new tax.

All the details are not yet available, but VG reports that Tesla’s vehicles will be taxed 7,000 kroner ($900 USD) for the lightest vehicle, Model S 75D (2,090 kg – 4,608 lb), to 70,000 kroner (~$9,000) for the heaviest vehicle, Model X P100D (5,531 lb – 2,509 kg).

The move would mark a big change in policy for Norway, which has traditionally been very friendly to electric vehicles. Current EV owners there enjoy benefits like free passage on tolls, a lower annual registration fee, free parking and ferry rides in some cities, exemption from time fee and VAT.

Norway has an aggressive goal set for all new cars sold in the country to be electric powered by 2025, so perhaps the deal is aimed at boosting tax revenues ahead of that policy.

Tesla Inc shares fell $1.03 (-0.29%) in premarket trading Thursday. Year-to-date, TSLA has gained 65.94%, versus a 15.71% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #6 of 24 stocks in the Auto & Vehicle Manufacturers category.

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