In the second quarter of 2023, there was a noteworthy surge in the total number of licensed motor vehicles, with particular emphasis on the rising prominence of electric vehicles (EVs).
The licensed stock reached 432,039 by the end of June 2023, indicating an increase of 5,319 vehicles compared to the previous quarter.
Electric vehicles played a significant role in this growth, constituting 3.3% of the entire stock, which accounted for 14,336 vehicles. This segment experienced remarkable progress, witnessing notable increases in various categories.
Combined (diesel-LPG) motor vehicles saw a remarkable rise of 40.9% compared to the preceding quarter. Moreover, pure electric motor vehicles registered an impressive surge of 17.8%, and plug-in hybrid (diesel-electric) motor vehicles also showed a commendable growth of 13.3%.
This comes through the new report by the National Statistics Office (NSO), which showed that passenger cars remained dominant among the licensed vehicles, comprising 74.2% of the total.
However, EVs, with their environmentally friendly and sustainable features, are gradually gaining traction in the market. Among the newly licensed vehicles, 55.6% were passenger cars, and encouragingly, 17.9% were electric vehicles, including motorcycles, PA-bikes, and E-bikes.
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