Chile 2023. New Light Vehicles Market Drops 26.7% Hit By Recession

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The 2023 Toyota Crown
The 2023 Toyota Crown

Chilean Vehicles Market lost sharply in 2023. After having reached the all-time high in 2022, the light vehicles market in 2023 lost a deep 26.7% with 312,191 registrations, hit by the economic recession.

 

Market Trend and Outlook

In 2022, geopolitical conflict, disruptions in global supply chains and the liquidity shock to Chile’s economy led inflation to peak at 14% in the third quarter. However, a combination of tightened monetary policy by the Central Bank and a reduction in commodity prices has made a significant difference. By the end of 2023 the inflation was down to 3.9%, while The Chilean economy was stagnant in 2023 with GDP down 0.1%.

After having reached the all-time high in 2022, the light vehicles market in 2023 lost a deep 26.7% with 312,191 registrations, hit by the economic recession. 

Looking at cumulative data up to December 2023 brand-wise, Toyota becomes the new best seller with 25,947 (-21.8%), followed by Chevrolet -down 1 spot- at 21,319 (-43.1%) in front of Hyundai -up 1 spot- at 20,831 (-12.5%) and Kia -up 4 spots- with 18,334 sales (-10.6%).

Suzuki in 5th position with 17.706 sales (-20.6%), followed by Peugeot -up 1 spot- at 16,818 sales (-20.2%), Nissan -up 4 spots- at 14,736 (-8.6%) and Ford -up 6 spots- with 13,288 new registrations (+0.1%)

MG falls 3 spots into 9th position with 11,657 sales (-44.8%), followed by Mitsubishi -up 3 spot- closing the top 10 with 10,766 new registrations (-30.0%).

Looking at specific models the Toyota Hilux gains 2 spots and becomes the best seller although down 1.3% year-on-year growth in sales, followed by the Mitsubishi L200 down 36.8%.

 

Tables with sales figures

In the tables below we report sales for all Brands and Top 10 Manufacturers Group.

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