Business Overview: Higher Gas Prices Cause Used EVs to Rise Sharply

The market for used electric vehicles (EVs) in Denmark is experiencing a notable shift, with prices rising "markedly" this spring. This surge is attributed to the increasing costs of gasoline and diesel fuel, making EVs a more attractive alternative for consumers. According to Ilyas Dogru, consumer economist at FDM, the market is transitioning from a buyer's to a seller's market after many years.

Customer demand for EVs remains high. In April, very few new internal combustion engine cars were sold to private buyers in Denmark, with EVs accounting for 96.2 percent of new car sales, according to Mobility Denmark. Over the first three months of the year, EVs constituted 80 percent of newly registered vehicles. Bilbasen forecasts that between 180,000 and 190,000 used EVs will be sold this year, an increase from approximately 140,000 sold last year.

In other business news, foreign investors are divesting from Novo Nordisk shares. The proportion of foreign investors holding shares in the Danish company has decreased substantially since its peak in mid-2024. New figures from the Nationalbanken indicate that foreign investors now own 75.5 percent of the publicly traded shares, down from 80 percent in the summer of 2024.

Additionally, customers are demanding refunds from energy companies Velkommen and Nettopower, with some traveling to an office building in Amager to seek repayment for outstanding credits. The companies deny that physical presence is necessary. Meanwhile, chip manufacturer Taiwan Semiconductor Manufacturing Company (TSMC) has not ruled out price increases due to rising operational costs driven by inflation. Finnish company Combient Foundry, backed by the Wallenberg family, is expanding into Denmark to help large industrial firms acquire technology from startups.

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The market for used electric vehicles is about to tip to a seller's market after many years of being a buyer's market