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Norwegian passenger car demand grows 6.2% y/y during January
The passenger car market in Norway has grown by 6.2% year on year (y/y) during January, according to the latest data published by the country's Road Traffic Information Council (Opplysningsrådet for Veitrafikken: OFV). Registrations grew from 9,004 units to 9,561 units. The leading brand during the month was Toyota which sold 1,148 units, a jump of 31.8% y/y, followed by Audi in second place which leapt by 520.5% y/y to 999 units. However, Volkswagen (VW) fell by 28.3% y/y to 995 units. Elsewhere in the market, registrations of light commercial vehicles (LCVs) of up to 3.5 tonnes grew by just 0.2% y/y to 2,711 units during January, while medium and heavy commercial vehicles (MHCVs) also gained by 2.9% y/y to 571 units.
Significance: The Norwegian passenger car market has put in a positive performance during January. This has been underpinned by strong demand for battery electric vehicles (BEVs) during the month, which gained by 24.3% y/y to 4,236 units. This amounted to a 44.3% share of the market against 37.8% a year ago. This is underlined by the top selling models in the market, with Audi's new e-tron being the most popular with 902 units registered, followed by Renault's Zoe which jumped by 243.9% y/y to 533 units. However, it has also been a strong month for hybrids, which were up 41.4% y/y to 3,270 units, of which 1,919 units were plug-ins, a gain of 47.8% y/y. This is likely to have been supported by Toyota and its broad range of models featuring these technologies. IHS Markit expects Norway's wider passenger car market to jump by around 11.9% y/y during 2020 as more BEVs flood on to the market, taking the market to around 159,400 units. Sales of LCVs of up to 6 tonnes are also expected to rise by a further 4.4% y/y during 2020 to 41,500, and will be supported by incentives for electric types.
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