It was quiet at car dealers in October
Car sales in Norway have experienced a marked decline in October 2023, with only 8,925 new passenger cars registered. This amounts to a drop of 28.9 per cent compared to the same month last year, and indicates that 2023 will be a year with significantly lower new car sales than the previous years.
Increased interest rates and strong price growth have contributed to the fact that many people are now cautious about investing in new cars. This is reflected in the registration figures for new passenger cars in October, which are far below the figures from the last couple of years. “Many people are now very careful about prioritizing new car purchases,” says Øyvind Solberg Thorsen, director of the Road Traffic Information Council (OFV).
The 10 best-selling car brands in October
Despite the general decline in car sales, electric cars still made up a significant share of the new car market in October, with a market share of 84.2 per cent. This is a slight decrease from September, when the proportion of electric cars reached a record high of 87 per cent, but is in line with the rest of 2023.
Percentage of electric vehicles in different vehicle groups*
Several car brands have had success with campaigns and offers, and some have introduced new models that have gained market share. This shows that there is still movement in the market, despite the general decline. When it comes to the best-selling car brands in October, Toyota tops the list with 1,126 cars sold, followed by Volvo and Tesla. The ten best-selling car brands are a mix of European brands, with the exception of Tesla and Toyota.
Norway is still at the top of the world when it comes to electric car sales, with an electric car share of 83.5 percent so far in 2023. The goal that all new cars and light vans must be zero-emission vehicles by 2025 is approaching, but Solberg Thorsen emphasizes that this is a goal, not a ban on cars with internal combustion engines. Even if it will be difficult to reach 100 percent electric car share, especially if electric car incentives are removed and taxes are increased, Solberg Thorsen believes that a mix of powertrains is necessary to maintain social security and take into account geographical inequalities in Norway.
He also points out that plug-in hybrids, which were once very popular, are now being phased out of the market, and that there could be a sharp decline in sales of these cars next year if the proposal for the state budget for 2024, which includes a significant tax increase for plug-in hybrids is adopted.
There has been steady growth on the used car market, with around 435,000 used cars changing hands so far this year. Second-hand imports, on the other hand, have almost stopped completely. For vans, there has been a slight decrease in registrations, but a clear increase in the proportion of electric vans.
Sources: OFV Statistics/Statens vegvesen
*so far this year and last year