Financial expert: More new cars will be registered in Germany in 2023 - commercial registrations in particular will increase significantly

Financial expert: More new cars will be registered in Germany in 2023 - commercial registrations in particular will increase significantly

According to a report by www.tagesschau.de,

Significantly more new cars were registered in Germany in 2023 than in the previous year. New passenger car registrations rose by 7.3 percent to 2.84 million for the year as a whole, with new commercial registrations accounting for 67.1 percent. However, this trend was dampened by a decline of 23 percent in December.

In particular, the German luxury car manufacturers BMW, Mercedes-Benz and Porsche recorded double-digit growth, while Volkswagen remained the best-selling brand with a market share of 18.8 percent despite an increase of almost eight percent. Among imported brands, Chinese brands such as Great Wall Motor (GWM) and Nio recorded significant increases, while Lada and Mitsubishi recorded declines of more than 30 percent.

The most popular new car colors were gray, black and white, and SUVs were the most frequently newly registered with a share of 30 percent, followed by the compact class.

In terms of propulsion, gasoline vehicles accounted for over a third, while the share of hybrid models increased to 29.5 percent and pure electric cars to 18.4 percent. Despite an abrupt stop in funding for purely electric cars in December 2023, significantly more such vehicles were newly registered than before. German automobile manufacturers were also able to record growth again in the US market, although the forecast growth rates are rather moderate due to increased interest rates and high new vehicle prices.

These developments in the automotive market show that electric cars and hybrid models are becoming increasingly popular as German OEMs strengthen their global presence and address the challenges in the US market.