Norway 2023. Auto Market Keeps Losing (-24.3%)

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The 2023 BMW M2 Brooklyn Grau
The 2023 BMW M2 Brooklyn Grau

Norwegian auto market in 2023 falls for the second year in a row, closing with 152,374 sales (-24.3%). December with 15,551 new registrations reported the 5th consecutive monthly loss (-62.8%). Tesla becomes best selling brand rising 19.3% and 2 spots in the rankings.

 

Market Trend and Outlook

The Norwegian auto market in 2023 falls for the second year in a row, closing with 152,374 cumulative sales (-24.3%). December with 15,551 new registrations reported the 5th consecutive monthly loss (-62.8%).

Looking at cumulative data from 2023 brand-wise, Tesla becomes the new leader rising 2 spots with 25,403 total sales (+19.3%) in front of Volkswagen with 22,520 units sold (-13.6%) and Toyota in 3rd with 21,497 car registrations (-11.8%).

Mercedes maintains 4th with 9459 sales (-39.1%) followed by Volvo – up 1 spot- at 8,890 (-30.8%), Ford -up 4 spots- at 7,762 (-10.8%) and Skoda -up 1 spot- with 7,735 registrations (-21.8%).

BMW -down 3 spots- ranks in 8th with 5,961 sales (-57.5%), in front of Hyundai with 5,481 units sold (-39.4%) and Nissan -down 5 spots- closes the top 10 with 5,425 total sales (-28.8%).

Looking at specific models the Tesla Model Y is on top of the rankings with a 33.0% year-on-year increase in sales, followed by the Volkswagen ID.4 down 42.8%.

 

Medium-Term Market Trend

The auto market in Norway from 2010 to the start of 2013 maintained a general uptrend, taking sales from 154,158 in 2010 to 165,910 by the end of 2012. In 2013 at 167,013 sales the car market started a 5 year growth, reaching higher all-time highs 3 years in a row. 2018 and 2019 were losing years for the Norwegian market that fell respectively 21.5% and 7.1% culminating 2019 at 142,429.

The arrival of the pandemic didn’t effect sales in Norway that had the best performing market in Europe, falling only 0.2% to 141,467 sales.

The year of 2021 brought a boom in the market, that grew back up to 176,199 sales, but the momentum came to a halt in following year with sales falling 2.3% to 200,840 by the end of 2022. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs (by 2025 all cars and light vehicles in Norway must me zero-emission vehicles).

 

Tables with sales figures

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

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