Suddenly, tens of thousands of unsold automobiles are stacking up on the docks at Drammen, Norway’s largest vehicle entry port. Automobile dealers report a significant decline in June sales, which they anticipate will reach 20 percent by the end of the year.
Specifically, the decline pertains to the most expensive electric SUVs. Others argue that Norwegians are simply tightening their budgets as prices continue to rise and interest rates are likely to increase as well.
Approximately 13,000 new automobiles are currently parked at Drammen Harbour and adjacent Lierstranda. Since the 2008 financial crisis, port officials have not observed anything comparable.
“Import levels remained high during the first four to five months of the year, but there has been a significant decline since then,” harbor director Arne Fosen told NRK.
In order to avoid this year’s tax and fee increases, dealers placed numerous orders late last year, while used car sales have bolstered the market. Even those who were previously able to afford prestige vehicles like Porsche, which is now laying off employees in Norway, are now experiencing more difficult economic conditions.