Monthly Review - September 2022

Passenger car registration: an increase of 37.5% compared with September 2021; Since January 2022, a decrease of 12.8% compared with Jan-September 2021. Commercial Vehicles above 3.5 ton registration: +20.7% compared with September 2021. Since the beginning of the year, a decrease of 3.6% in registrations.
Hezi Shayb-Ph.D in collaboration with Dr. Hanan Golan (the economic chapter was edited by Mr. Nadav Caspi, the I-via's Chief Economist)
October 24, 2022
Preface – Economic Climate

The Israeli economy is an advanced economy that belongs to the OECD organization. The GDP per capita is $50,699 and the growth rate in 2021 is estimated at 8.1%.


Israel is recovering from the Covid-19 crisis that has affected the Israeli economy significantly since 2020. The deficit in October 2021 - September 2022 is negative -0.9% from the GDP, this is historically the lowest deficit since 1987.


The debt-to-GDP ratio is 61.9% The unemployment rate is 4.1% but the unofficial unemployment rate is about 5.4%. The political unease and the coming elections will make it difficult to pass a new budget for 2023.


Along with the economic stabilization and quick growth, there has been an increase in the inflation rate, as of September, the annual rate is 4.6%. the Chief Economist in the ministry of Finance predicts a similar increase next year as well.


From a monetary point of view, the Bank of Israel is dealing with the rise of inflation. In September, the interest rate rose to 2.75% due to the rise of inflation, and it is expected to rise again.


Statistical Profile



Population (August 2022): 9.585 Million



GDP per capita: $ 50,699

Inflation (September 2022): 4.59% Annual Growth Rate

Current Account Balance (Q2 2022): 2.81% of GDP

Trade in Goods and Services (August 2022): $ 14,39 billion



US Dollar Exchange rate (September 2022): NIS 3.44

Euro Exchange rate (September 2022): NIS 3.42

Long-term interest rates (September 2022): 2.89% Per Annum

Short-term interest rates (September 2022): 2.4% Per Annum



Debt to GDP ratio: 61.9%

Deficit to GDP (October 2021 to September 2022): -0.9%



Level of Motorization (2021): 406 Vehicles/1,000 Residence


Innovation and Technology

Gross Domestic Spending on R&D (2020): 5.43% of GDP



CO2 Emissions (2018): 6.98 Tonnes Per Capita



Employment Rate (Q2 2022): 69.03% of Working Age Population

Official Unemployment Rate (August 2022): 4.1% of Labour Force

Unofficial Unemployment Rate (including non-paid absence due to Covid-19): 5.4% of Labour Force


New Cars and CV Registrations
 New Passenger Car Registration: Jan-September 2022


Passenger car registration: an increase of 37.5% compared with September 2021; Since January 2022, a decrease of 12.8% compared with Jan-September 2021.


In September 2022, the Israeli passenger car market registered 17,020 new cars. This figure represents an increase of 37.5% compared with September 2021. Since January 2022, 218,232 new cars were registered – a decrease of 12.8% compared with the first 3 quarters of 2021.




New Passenger Cars Registration According to Brands: Jan-September 2022


New CV above 3.5 ton Registration: Jan-September 2022


Commercial Vehicles above 3.5 ton registration: +20.7% compared with September 2021. Since the beginning of the year, a decrease of 3.6% in registrations.


In September 2022, the Israeli market for CV above 3.5 ton registered an increase of 20.7% with 1,329 new registrations, compared with 1,101 units in September 2021. Since January, 13,079 units were registered – a decrease of 3.6% compared with Jan-September 2021.




New CV above 3.5 ton Registration According to Brands: Jan-September 2022




New Bus Registration According to Brands:Jan-September 2022




Israel's Auto and Auto-Tech industry
Upstream Opens First Vehicle Security Operation Center in the US

Upstream, creator of cloud-based cybersecurity and data management platform for connected vehicles and smart mobility, is opening its first U.S.-based vehicle security operation center (vSOC) in Ann Arbor, Michigan, to closely surveil and mitigate emerging cyber threats and risks for its U.S.-based automotive clients.  Automotive-specific security centers are already active in Israel, and coming soon in Japan. Additional vSOC investments are expected in Europe soon. The Upstream platform empowers customers to build connected vehicle applications by transforming highly distributed vehicle data into centralized, structured, contextualized data lakes. Coupled with AutoThreat® Intelligence, the first automotive cybersecurity threat intelligence solution, Upstream provides cyber threat protection and actionable insights, seamlessly integrated into the customer’s environment and Vehicle Security Operation Centers (vSOC).


GenCell Launches EVOX™: Grid-independent Hydrogen EV Charging Solution to Counteract Grid Shortages and Prevent Emissions

GenCell Energy, (TASE: GNCL), provider of hydrogen and ammonia to power fuel cell solutions, launched EVOX™, a new off-grid EV charging solution that leverages alkaline fuel cells, hydrogen and ammonia to power technologies. The solution has been designed to resolve range anxiety and grid limitations by generating green, grid-independent, on-site power that can charge EVs anytime, anywhere. The GenCell EVOX™ solution can service up to ten 75kW DC fast chargers. Leveraging the proven hydrogen-based fuel cell technology used in the GenCell BOX™ with up to 920kWh stored as hydrogen together with a 372 – 500kWh energy storage device, each GenCell EVOX™ solution generates a reliable, uninterrupted flow of power in any weather conditions to ensure that the charging station has sufficient power to charge

vehicles visiting the station at any time – improving customer experience and shortening lag-time.


Union Motors Announce ISRAEL EARTH PRIZE – The Highest Ever Awarded Environmental Prize in Israel

Union Motors, importer of Toyota cars to Israel, announces ISRAEL EARTH PRIZE aimed at exposing and encouraging groundbreaking solutions for environmental challenges in carbon emission reduction, climate crisis, conservationism, urban sustainability, circular-economy solutions, climate crisis management, clean transportation and sustainable nutrition. Applications are open for NGOs and 3rd sector organizations, startups and entrepreneurs. The winners will be selected by the prize committee that will allocate 1M NIS over 5 years to 5 different initiatives - The highest ever awarded an environmental prize in Israel.


Arbe Robotics to Supply Radar Technology for Autonomous trucks and AGVs across Ports in China

 Arbe Robotics (NASDAQ: ARBE), a global leader in Perception Radar Solutions, announced that HiRain Technologies, the leading Chinese ADAS Tier 1 supplier, was selected by the Port of RiZhao in Shandong Province to provide perception radars based on Arbe's chipset. The deployment has been implemented on FAW Trucks and on automated guided vehicles (AGVs), providing autonomous driving capabilities, advanced perception, and true safety. The first deployment started at the RiZhao port and is expected to expand to additional ports across China. Earlier this year, HiRain announced that it is undertaking major OEM and autonomous driving projects with the Radar Solution it developed using Arbe's Perception Radar Chipset, projected to reach mass production by 2023. Autonomous trucking technology is designed to drive safely on the road and in industrial environments by providing a 360-degree surround view of vehicles, pedestrians, and obstacles and enabling a faster reaction time than the human driver.


City Transformer Named Top Tech Start-Up by Shift Mobility

City Transformer, developer of CT-1 electric microcar. Has won the highly coveted start-up award from Mind Shifter, the prestigious future-looking innovation competition from Shift Mobility, part of the IFA exhibition held in Berlin. Before claiming the Mind Shifter award, City Transformer CT-1 was also named Top Design Winner by the 2022 European product design awards.


Israel-South Korea Free Trade Agreement Goes Underway 

The South Korean parliament has confirmed the free trade agreement between South-Korea and Israel that was signed 18 months ago and will commence this coming December. The agreement includes mutual cancelation of customs taxes, and as a result, 95% of Israeli export to South Korea will be exempt from customs. The scope of trade between South Korea and Israel in 2021 is estimated at 3.5B$ - an increase of 35% compared with 2020.    

A.L. Filter Group Showcases Zence Active Air Filter at Automechanika

A.L. Filter Group, specializing in developing and manufacturing filters for the automotive industry since 1965, presented a new active cabin air filter at the Automechanika exhibition. The filter, a finalist of the exhibition's innovation award, features capsules containing essential oils that emit different fragrances to the car's cabin. The filter, with BT capability, can be operated via an app and the driver can choose which fragrance to emit and when. The filter will be commercially produced from Q2 2023, initially for the US market. 


SCALA Energy Signs Agreement with Global EV Charging Giant Wallbox, Receives Investment from Allied Holdings

SCALA Energy, a provider of innovative energy services and solutions in Israel, signed a new commercial partnership with Wallbox N.V. (NYSE:WBX), a leading global provider of charging and energy management solutions for electric vehicles worldwide. The partnership will include developing EV charging and accelerating the use of EV charging points in Israel. Within the framework of the agreement, SCALA Energy will offer advanced charging solutions and energy management systems for EVs, with Wallbox charging points that are sold worldwide in over 100 countries. At the same time, SCALA Energy received an investment from Allied Holdings that will enable it to grow within the developing market for EV charging points.



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