Hybrid vehicles changing the Cyprus car market - The top brands

More and more buyers are showing a preference for hybrid cars, resulting in their occupying a more significant part of the local car market.

At the same time, the shift towards electric models is also evident, which have not, however, managed to establish themselves in the market to the same degree yet.

It should be emphasised that electrification is becoming the only way to go, as at least one electric vehicle recharging point will have to be installed in all non-residential buildings with more than 20 parking spaces by 1 January 2025.

Hybrid car registrations now account for 30% of the market as a whole.

More specifically, based on CySTAT data, of the total 21,178 registrations of saloon passenger cars in the first seven months of 2023, 5,896 or 27.8% were hybrid models.

The increase compared to the corresponding period last year is leaps and bounds and exceeds 60%, as registrations of hybrid saloon cars had risen for the period January-July 2022 to 3,666.

Of the 5,986 hybrid car registrations, 3,634 (61.6%) were new models and 2,262 (38.4%) were used models.

The top hybrid brands
The lead in registrations of hybrid passenger saloon cars (private), which reached 5,300, is occupied by Toyota by a huge margin in the first seven months of 2023, with 2,045 registrations.

They are followed by Nissan, with 603 registrations, Hyundai, with 338, Honda with 260, while BMW completes the top five, with 252.

Also on the list are brands such as Kia (245), Renault (237), Mercedes (203), Volvo (171) and Lexus (141).

Electric car registrations doubled

Registrations of passenger electric cars almost doubled, reaching 522 in the January-July period of 2023 compared to 283 in the corresponding period last year, registering an increase of 84.4%.

Of the 522 electric registrations, the vast majority were for new models (417 or 79.9%), with used cars occupying a small part of the market (105 or 20.1%).

When it comes to electric cars, buyers are turning to popular brands such as BMW (65), MG (53), Mercedes (49), Hyundai (43), Volkswagen (41), Porsche (40), Audi (34), Toyota (27), Nissan (20) and Tesla (20).

(Source: InBusinessNews)