logo

Monthly Review August 2024

Passenger car registration: a decrease of 7.7% compared with August 2023. Since the beginning of the year, 203,022 new cars have been registered, a decrease of 8.7% compared with Jan-Aug 2023. The market share of pure EVs in 2024 is currently 24.3%. Commercial Vehicles above 3.5-ton registration: -29.9% compared with August 2023. Since the beginning of the year, 9,799 units were delivered, a decrease of 11.2% compared with last year.
Hezi Shayb PhD in collaboration with Dr. Hanan Golan
September 29, 2024
Preface – Economic Climate

The Israeli economy continues to face significant challenges due to the complex security situation and global market conditions. Economic indicators reflect mixed trends: on the one hand, low unemployment and relatively moderate inflation indicate economic resilience; on the other, the high deficit and rising debt-to-GDP ratio underscore the need for cautious fiscal management.

The forecast for moderate growth in 2024 emphasizes the importance of growth-supporting policy measures.

 

The Israeli economy is an advanced economy that participates in the OECD organization. Israel's current GDP per capita is $53,051. Israel's growth rate in 2023 was 2%, while the current forecast for 2024 is 1.5% and 4.2% for 2025.

 

Israel maintains an 8.3% deficit of the GDP from September 2023 to August 2024.

The debt-to-GDP ratio increased to 62.1% in 2023, and the unemployment rate in August 2024 decreased to 2.5%. As of August 2024, the annual inflation growth rate is 3.6%.

In August 2024, the short-term interest rate was 4.5%, while the long-term interest rate stood at 2.22% (July 2024).

 

Statistical Profile

 

Society

Population (July 2024): 9.935 Million

 

Economy

GDP per capita (August 2024): $ 53,051 

Inflation (August 2024) (Annual Growth Rate): 3.6% 

Current Account Balance (April 2024): 5.6% of GDP

Trade in Goods and Services (August 2024): $12.099 billion

 

Finance

US Dollar Exchange rate (August 2024, Avg.): NIS 3.711

Euro Exchange rate (August 2024, Avg.): NIS 4.11

Long-term interest rates (July 2024): 2.22% Per Annum

Short-term interest rates (August 2024): 4.5% Per Annum

 

Government

Debt to GDP ratio (2023): 62.1%

Deficit to GDP (September 2023 - August 2024): 8.3% 

 

Motorization

Level of Motorization (2023): 417 Vehicles/1,000 Residence

 

Innovation and Technology

Gross Domestic Spending on R&D (2022):6.02% of GDP

 

Environment

CO2 Emissions (2022): 6.2 Tonnes Per Capita

 

Jobs

Employment Rate (August 2024): 62.5% of the Working Age Population

Official Unemployment Rate (August 2024): 2.6% of the Labour Force

 

 

 
New Cars and CV Registrations
 
 New Passenger Car Registration: Jan-August 2024

 

Passenger car registration:  Decrease of 8.7% compared with Jan-August 2023.

 

In August 2024, the Israeli passenger car market registered 22,813 new cars - a decrease of 7.7% compared with August 2023. Since the beginning of the year, 203,022 new cars were registered, a decrease of 8.7% compared with last year. Since January, 49,421 BEVs and 5,454 PHEVs, a total of 54,875 cars with chargeable electric drive, represented 27% of all registrations. The market share of pure EVs in 2024 is currently 24.3%.

 

 
New Passenger Cars Registration According to Brands: Jan-August 2024

 

 
 
New CV above 3.5-ton Registration: Jan-August 2024

 

Commercial Vehicles above 3.5-ton registration: -29.9% compared with August 2023.

 

In August 2024, the Israeli market for CVs above 3.5 tons registered a decrease of 29.9% in deliveries with 973 new registrations, compared with 1,389 units in August 2023. Since the beginning of the year, 9,799 units were delivered, a decrease of 11.2% compared with last year. 

 

 

 

 

New CV above 3.5-ton Registration According to Brands: Jan-August 2024

 

 

 

New Bus Registration According to Brands: Jan-August 2024

 

 

 
Israel's Auto and Auto-Tech industry
 
Autofleet Acquired by Element Fleet for 110M$

Autofleet is a leading optimization platform for fleets and mobility operators that was founded in 2018. Its AI-powered platform streamlines and automates operations across industries, maximizing efficiency and customer experience. Now, the company announced that it has entered into a definitive agreement to be acquired by Element Fleet Management Corp. (TSX: EFN), the world's largest publicly traded, pure-play automotive fleet manager. This strategic acquisition positions Autofleet to leverage Element's extensive global resources while continuing to spearhead innovation within the mobility industry. Autofleet will continue to operate independently post-acquisition, allowing the team to focus on developing innovative solutions that meet the evolving needs of fleets across various industries.

 

Electreon Raises 50M NIS from Major Auto Manufacturer in Private Placement

Electreon, a leading provider of wireless charging solutions for electric vehicles, announced that it raised 50M NIS following a private placement. The auto manufacturers, whose identity was not disclosed, will receive 2.2% of the company’s regular stock. Following the announcement, Electreon market value soared to 2.4 billion NIS – a leap of 128% since the beginning of the year.

 

GM Lays-off Israeli Development Center Employees as Part of Global Workforce Reduction

Automotive giant GM is laying off dozens of employees from its Israeli development center, which employed around 800 workers. Globally, GM is reducing its workforce by around 1,000 jobs, most of them in Detroit. The GM development center in Herzliya, established in 2008, specializes in advanced technologies such as cybersecurity, machine learning, autonomous vehicles, and more.

 

Arbe Robotics Tier-1 Swedish Sensrad Signed a Framework Agreement to Provide 4D Imaging Radars to Tianyi Transportation Technology

 Arbe Robotics Ltd. (NASDAQ: ARBE) (TASE: ARBE), a global leader in Perception Radar Solutions, announced that its tier-1, Sensrad, has signed a framework agreement to provide 4D Imaging Radars powered by Arbe's chipset to China-based Tianyi Transportation Technology. Sensrad values the agreement at an estimated 7M Euros, with deliveries expected to begin in the third quarter of 2024. The agreement follows an extensive, year-long evaluation and implementation process of Sensrad's 4D Imaging Radar, which utilizes Arbe's advanced chipset technology. In 2024, Sensrad reported multiple customer engagements for its 4D Imaging Radar based on the Arbe chipset and Gapwaves' proprietary waveguide antenna technology.

 

pdf icon
Main Content
Open Accessibilty Toolbar