Chinese Car Brands Boost Car Importer Carasso Motors’ Market Share Amid Declining Mazda Sales
The Israeli car market is witnessing a significant shift as Chinese car brands gain popularity, reflected in the financial results of major importers Carasso Motors and Delek Automotive. Carasso Motors, led by Itzik Weitz, has expanded its market share to a record 15.3% in the first half of 2026, largely due to strong sales of Chinese brands Chery and Xpeng. This marks a sharp increase from 7.4% five years ago and 13.8% last year. In contrast, Delek Automotive, managed by Gil Agmon, has seen a steep decline, with its market share dropping to a historic low of 3% in the same period, down from 6.1% last year and a peak of 25% two decades ago.
Delek Automotive’s sales plummeted by about 42% to 5,186 vehicles, with Mazda sales falling 68% to roughly 1,790 units and Ford sales down 8.5% to 555 units. However, its premium BMW brand remained stable with around 1,930 vehicles sold. Chinese brands Dongfeng and the luxury electric brand Nio showed some growth, but not enough to offset losses in popular models. Delek reported a 3% revenue decline to 1.7 billion shekels from car sales in the first half, despite a 1% overall revenue increase to 3.26 billion shekels due to waste management and leasing operations. The company posted a net loss of 12.6 million shekels, compared to a 92 million shekel profit last year, mainly due to a 161 million shekel impairment on its investment in chipmaker Hailo.
Meanwhile, Carasso Motors sold 32,500 vehicles in the first half, a 36% increase, generating 3.4 billion shekels in automotive revenue, up 15%. Chery led sales with 17,600 cars, a 62.5% jump, while Xpeng sales declined 20% to 3,000 units. Nissan sales dropped 45% to 2,000 cars, but Renault sales rose 31% to 1,650 units. The group’s total revenue, including leasing and financing, reached 4.7 billion shekels, a 15% rise, though second-quarter revenue fell 3% due to the Iran conflict. Net profit fell 32% to 150 million shekels, with a sharper 63% drop in the second quarter.
Profit per vehicle declined for both companies. Carasso’s average profit per car fell 7% to 14,600 shekels, affected by the lower margins on Chinese cars. Delek’s profit per car dropped from 21,400 to 13,600 shekels, reflecting the decline in higher-margin legacy brands. Carasso Motors is valued at 2.7 billion shekels after a 17.5% drop this year, while Delek Automotive’s stock has fallen about 40%, with a market cap of 1.4 billion shekels.
