Hungary Sees 49% Surge in New Car Registrations by Year-End
The number of new passenger car registrations in Hungary saw a significant increase in December, according to data from the European Automobile Manufacturers’ Association (ACEA). The total number of registrations rose by 48.7 percent year-on-year to reach 11,879.
Hybrid electric and plug-in hybrid vehicles accounted for the majority of sales, making up 57 percent of the total. Cars with petrol engines represented 26 percent of sales, while vehicles with diesel engines accounted for 10 percent. Fully-electric vehicles made up 6 percent of sales, with sales of battery electric vehicles jumping by 77.6 percent to reach 753 during the period.
For the entire calendar year, new car registrations in Hungary increased by 12.9 percent to a total of 121,611. The Energy Ministry also reported that registrations of new battery electric cars in Hungary had increased by 47.7 percent in January-December, making it the fourth fastest growth rate in the European Union.
However, global events, such as tough sanctions on Russia’s oil export shadow shipping fleet, have impacted the oil market. This has forced countries like China and India, the world’s largest oil importers, to seek alternative sources of crude oil. This has led to price increases in raw materials and transport costs, with Brent oil prices rising by almost 10 percent in the past month.
The Russian-Ukrainian war also led to the shutdown of the Friendship oil pipeline in January, which raised concerns about the security of the Turkish Stream pipeline that plays a key role in Hungary’s energy supply. The government is working to ensure the stability of fuel prices in Hungary by monitoring the market and intervening if necessary, with the goal of keeping domestic fuel prices below the average in neighboring countries.
