In December, the registration of motor vehicles in Cyprus experienced a decline, reflecting a reduced demand for passenger cars, according to data released by the statistical office on Friday.
The report indicated a 5.3% decrease in registrations compared to the previous year, totaling 2,836 vehicles. Specifically, passenger car sales saw a significant drop of 16.9%.
Nonetheless, when considering the entire year from January to December, there was an overall growth in vehicle registrations of 9.1%, reaching 38,410 units. During this period, passenger car sales increased by 4.9%.
A shift in the market composition was also observed: petrol-powered passenger cars now constitute 48.6% of total sales, a decrease from 57.5% the previous year. Conversely, the share of diesel-powered cars rose slightly to 10.3% from 10.2% in 2023. Electric cars saw an uptick in market share, increasing from 2.7% to 4.0%, while hybrid vehicles experienced a notable increase in market presence, leaping from 29.6% to 37.1%.
The material has been provided by InstaForex Company - www.instaforex.com
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