Norway auto market in October 2023 falls for the third time after growing for 3 consecutive months, with 11,038 new sales (-23.3%). YTD figures at 124,386 are still down 9.7% from the previous year. Tesla becomes the best selling brand (+73.2%).
Market Trend and Outlook
The Norwegian auto market in October 2023 falls for the third time after growing for 3 consecutive months, with 11,038 new sales (-23.3%). YTD figures at 124,386 are still down 9.7% from the previous year.
Looking at cumulative data up to October 2023 brand-wise, Tesla becomes the new leader rising 2 spots with 21,949 new sales (+73.2%) in front of Volkswagen with 18,979 units sold (+4.8%) and Toyota in 3rd with 16,574 new car registrations (-9.0%).
Mercedes maintains 4th with 7,322 sales (-28.5%) followed by Volvo – up 4 spots- at 6,925 (+1.2%), Skoda at 6,497 (-9.9%) and Ford -up 3 spots- with 6,086 registrations (-3.7%).
BMW ranks in 8th with 5,010 new sales (-39.2%), in front of Nissan -up 6 spots- with 4,425 units sold (+61.0%) and Hyundai -down 2 spots- in 10th with 4,288 sales (-39.7%).
Looking at specific models the Tesla Model Y is on top of the rankings with a 110.2% year-on-year increase in sales, followed by the Volkswagen ID.4 down 27.0%.
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.
