128,531 new cars sold in Puerto Rico in 2023

The year 2023 ended with sales of 128,531 vehicles in Puerto Rico, up 3.9% from the total of 123,604 in 2022, reported Ricardo García, vice president of United Group of Automobile Importers (GUIA), the organization that represents the automotive industry on the island.

“There were almost over 5,000 units,” he highlighted about the total, which in his opinion, confirmed that the import and sales operations of motor vehicles have maintained the strength recorded over the past three years.

When comparing the 2023 totals to the 2022 totals, Retail sales declined 1.5%, while the fleet segment dominated by car rental operations grew 124.2%Garcia reported.

When breaking down sales by vehicle type, Garcia indicated that sedans will decline from a reported 26.6% to 21.7% in 2022. Meanwhile, buses, also known as SUVs, increased their market share from 55.1% to 62.2%. The pickup truck segment declined from 18.3% to 16.1%.

In return, Japanese brands retained 48% of the local market; This is followed by Korean women with 27%; Americans, with 19.35%; and Europeans, with 5.24%, are concentrated in the luxury market. “For most of the years we’ve had these numbers be the same or similar,” Garcia said in reference.

Ferrari, Fiat and Porsche grow

In data broken down by brandThe largest increase was between 2022 and 2023 ferrari, With a market share of only 0.02%, sales of 30 vehicles in 2022 represented an increase of 150% compared to 12 vehicles sold in 2022. Fiat ranked second with 37 sales, up 146.7% compared to 2022; and Porsche, which closed 2023 with 399 sales, up 83.9% from 217 in 2022.

Other brands recording significant growth were: Lamborghini, with 30 units, up 42.9% compared to 2022; Subaru, with 272, up 40.9%; and Kia with 13,040, up 38.6%.

Other than this, The biggest losses were suffered by Jaguar, with Seven sales down 72%; Bentley with 7, 36.4% less; Alfa Romeo with 34, down 26.1%; and infinity Which fell 26.3% by selling 460 units.

The data does not include Tesla, which is not part of the GUIA.

Towards 2024 with stable sales

Based on analysis conducted by the technical study firm, the GUIA also projected a stable market for this year.

Specific, Economist Graham Castillo, who is president of the firm, reported that 2024 should end with sales of about 126,000 units, as “the economy continues to perform above expectations” and the industry continues

As for key factors for this projection to come true, Castillo noted that the island must maintain historically high levels of employment along with healthy lending rates so that buyers have space to buy. Now, if the scenario of an economic recession and other challenges in the manufacturing chain arises, the economist sets the most pessimistic estimate at 117,000.

For now, he highlighted that vehicle sales per 1,000 employees in Puerto Rico “continue to remain at a high level,” even with interest rates rising, which will decline very slowly over the course of the year. are supposed to.

And, noting that vehicles are becoming essential in Puerto Rico due to the lack of public transportation, the economist theorized that “high interest rates on used cars and high prices for used cars” have tipped the balance so that more Buyers opt for new cars. Units. Which are usually obtained at lower rates.

Already internationally, Castillo pointed out the importance of geopolitical conflicts not having a negative impact on the logistics and supply chains of manufacturers.

“There is pressure on profit margins, technological changes and emerging economies demand more vehicles,” he said, elaborating on the global scenario. “All jurisdictions compete for production.”