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Hybrid Cars Increase From 26.6% To 37.3% Of Total In January-May 2024

The share of hybrid cars rose from 26.6% to 37.3% during the period of January-May 2024, compared to the same period of 2023, according to Cystat.

At the same time, the share of petrol-powered passenger cars dropped to 49.3%, from 60.8% in the corresponding period of 2023.

The total registrations of motor vehicles during this period increased by 22.1% to 21,881, from 17,927 in January-May 2023.

Passenger saloon cars increased to 17,176 from 14,434 in January-May 2023, recording a rise of 19%. Of the total passenger saloon cars, 7,374 or 42.9% were new and 9,802 or 57.1% were used cars. Rental cars in particular recorded a fall of 29.4% to 1,860.

The share of petrol-powered passengers’ cars to the total of this category of vehicles decreased in January-May 2024 to 49.3% (from 60.8% in the corresponding period of the preceding year) and that of diesel-powered cars to 10% in 2024 from 10.6% in 2023. On the other hand, the share of electric cars rose from 2.1% in 2023 to 3.4% in 2024 and of hybrid cars from 26.6% to 37.3%.

Motor coaches and buses registered in January-May 2024 decreased to 83, from 115 in the same period of 2023. Goods conveyance vehicles increased by 42.6% to 2,471 in January-May 2024, compared to 1,733 in January-May 2023. In particular, light goods vehicles increased by 46.1% to 1,955, heavy goods vehicles by 35.3% to 291, road tractors (units of trailers) by 70.4% to 92 and rental vehicles by 5.6% to 133.

Mopeds of less than 50cc registered in January-May 2024 increased to 381 compared to 61 in the corresponding period of the previous year. Motorcycles over 50cc increased by 7.7% to 1,479 in January-May 2024, compared to 1,373 in the same period of 2023.

In May 2024, the total registrations of motor vehicles numbered 4,292, recording a decrease of 9.6% compared to 4,747 in May 2023.

Passenger saloon cars registered a decrease of 14.5% to 3,325, from 3,888 in May 2023.

Fed Leaves Room For Potential Interest Rate Cuts In 2024

The US Federal Reserve (Fed) has signalled the possibility of two interest rate cuts within this year, with the first potentially occurring as early as September. This comes despite updated economic forecasts that indicate only one cut for the year. Fed Chair Jerome Powell emphasized the need for a cautious approach, relying on more economic data before making further decisions. Currently, the Federal Open Market Committee (FOMC) has kept the benchmark rate steady at 5.25%-5.5%, the highest in over two decades.

Economic Context and Projections

The Fed’s decision to maintain the current rates is driven by ongoing evaluations of inflation trends and economic growth. Although the market anticipates potential cuts, the Fed has not committed to specific dates, preferring a data-driven approach. The possibility of rate reductions reflects an adaptive strategy to support economic stability amid fluctuating economic indicators.

Market Reactions

Market analysts predict over a 50% chance of a rate cut in September, indicating significant anticipation among investors and financial markets. This cautious optimism is mirrored in the Fed’s statements, suggesting readiness to adjust policies as necessary to foster favorable economic conditions.

Future Outlook

As the year progresses, the Fed will closely monitor economic data, including employment rates, inflation, and GDP growth, to guide its decisions on interest rates. This flexible approach aims to balance economic growth with inflation control, ensuring sustained economic health.

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