Porsche Hungaria: the Hungarian car market performed well this year

By: Trademagazin Date: 2024. 12. 18. 10:49

The Hungarian car market is performing above the European average this year, and the expansion could reach double digits by the end of the year; according to Tamás Wachtler, CEO of Porsche Hungaria (PH), which imports Volkswagen Group brands, the return of private buyers to the market after several years has played a major role in this.

The CEO explained at a press conference in Budapest on Wednesday that the problems that arose in the supply chain during the coronavirus pandemic have now been resolved, and there is a supply market again in the car trade.

The European car market has stagnated this year, but in Hungary, the decline that has been going on since 2021 has turned positive, with January-October data already showing an 8.4 percent increase, and the ratio may continue to improve throughout the year. The new car market in Hungary is expected to end the year with around 150 thousand vehicles sold, of which 125 thousand are passenger cars.

Tamás Wachtler pointed out that this indicates that private buyers have returned to the market, who were moved by the decrease in interest rates.

He mentioned that 60 percent of new cars registered in Hungary are now SUV models, and the proportion of the sports leisure vehicle category is still growing. The popularity of electric vehicles is also growing, their proportion in total sales now exceeds 7 percent after 5 percent last year.

Tamás Wachtler reported that PH’s market share in Hungary will reach 20.6 percent this year, with 28,150 vehicle registrations, making it the market-leading domestic importer. According to the CEO, this is largely due to the fact that the brands belonging to the concern – Audi, CUPRA, SEAT, Skoda and Volkswagen, as well as VW commercial vehicles – have appeared on the market this year with 17 renewed models, 9 new and 8 completely new models.