Finnish Cars Market in October 2023 maintains momentum growing for the 8th month in a row, with 6,309 new sales (+3.6%). YTD figures at 73,733 are up 8.8% from the previous year. Tesla jumps 10 spots into 7th (+427.7%).
Market Trend and Outlook
The Finnish economy at the moment finds itself on the brink of recession as Finland’s Ministry of Finance stated at the start of October: “Rising prices and interest rates have reduced household consumption and investments, which will push Finland’s economy into recession in the latter part of the year.”
Fortunately at the moment the Finnish Car Market is still performing well with sales in September 2023 growing for the 7th month in a row, with 7,357 new registrations (+9.9%). YTD figures at 67,424 are up 9.5% from the previous year.
Looking at cumulative data up to October 2023 brand-wise, the leader is still Toyota with 12,274 sales (+1.9%), followed by Skoda -up 2 spots- at 7,000 (+21.1%), Volkswagen at 6,793 (+13.0%) and Volvo with 6,109 units sold (+11.3%).
Kia falls 3 spots into 5th with 5,784 sales (-4.8%), followed by Tesla -up 11 spots- with 5,029 registrations (+427.7%), Mercedes at 4,805 new sales (+11.0%) and BMW with 4,222 sales (+2.6%).
Audi rises 1 spots into 9th position with 3,161 sales (+36.4%), followed by Nissan closes the top 10 with 2,331 new car registrations (-7.3%).
Looking at specific models the Toyota Corolla Sedan is the best seller rising 10.4% in year-on-year sales, followed by the Tesla Model Y up 23 spots and 523.1%.
Medium-Term Market Trend
The Finnish car market has remained quite stable in the passed decade with a main exception in the last 3 years. In fact after a 14.6% growth in 2011 the market remained between a low of 99,832 in 2013 and a peak of 116,743 in 2018 until the arrival of the pandemic.
In March 2020 the Covid-virus arrived in Europe causing many economies to shut down temporarily. The Finnish market suffered a 15.3% loss reaching 93,103 sales by the end of 2020, the lowest levels of the decade.
2021 presented a year of slight recovery, with sales remaining nearly unvaried compared to the previous year. While in 2022 the market lost 16.2% in volume, with cumulative sales reaching 80,061.
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, with Scandinavian countries being ahead of this wave.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturer Groups, and top 10 Models.
