According to the data revealed by “Rasamny Younis Motor sal”, Lebanese car market remained steady with a little increase by 0.23% YOY by December 2023. In more details, the cumulative number of sold cars in 2023 recorded a total of 6,578 compared to 6,563 cars in 2022.
On a monthly basis, 1,680 cars were sold in the month of December 2023. The distribution of cars was as follows: Japanese cars took the highest share of 38.46%, European cars accounted for 24.59%, and Korean Cars grasped 19.27% of the total. Furthermore, the leading sellers of vehicles in Lebanon are Kia, Toyota, and Suzuki with number of vehicles sold in the month of December alone totaled 218, 186, and 142 respectively, out of 1,680 sold cars.
Despite a tentative rebound in Lebanon’s car sector, sales of passenger vehicles are significantly lower than 2018 and even 2020 levels. The demand for new vehicles is restricted by inadequate financing options, exacerbated by the depreciating exchange rates of the Lebanese currency.
Growth of Registered Passengers Cars by December 2023
Source: Rasamny Younis Motor sal, BLOMINVEST Bank
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