This article first appeared on GuruFocus.

Tesla (TSLA, Financials) set a new annual sales record in Norway after registering 28,606 vehicles through November, according to data from the Norwegian Road Federation. The figure exceeds the country's previous full-year high of 26,575 units set by Volkswagen in 2016, marking a notable win for the company in one of its earliest international markets.

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November alone saw 6,215 Tesla registrations, nearly triple the volume recorded a year earlier. Industry officials attributed the surge to consumers accelerating purchases ahead of a scheduled rise in electric-vehicle taxes beginning in January. Overall new-car sales in Norway climbed 70% year-over-year during the month.

Tesla's growth was led by the Model Y, which rebounded after a slow start to the year following the rollout of an updated version in the second quarter. The brand's momentum in Norway stands in contrast to broader European trends, where Tesla's registrations have fallen about 30% through October and declined again in November, according to regional data.

Norway remains a key market for electric vehicles, with fully battery-powered models accounting for 97.6% of new car sales last month. The country aims to end sales of internal combustion engines by 2025, reinforcing its long-running position as a leading market for EV adoption.