After updating to Twinmotion 2023.1 as well as updating the UE5 Datasmith Twinmotion Importer Plugin and updating the Twinmotion Content for Unreal Engine Plugin, i am not able to import to UE5 any new TM Files created in Twinmotion 2023.1 -
LoadErrors: Error: Unsupported file format version
I am Only able to import into UE5 older TM files created before the upgrade to the Twinmotion 2023.1
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it’s a EPICfail ))) Serious// In new versions TM and UE u have no import with olt metod, and if u need it - Use @Export to Datasmith file@ in File menu
In UE use @datasmith File import@
and scene will be imported with many objects us Cars, trees, etc…
But this import integrate ALLLLLL of models and convert him to your project (not using dtsm twinmotion content content lib in plugins!) Car - make 4 files (s…t!)
Before port your projects to 5.1.1 - SAVE all content content lib, because u have no this lib in new DTSM fot TM plugin (new version - 530 Mb !!! without all models of vegetation< textures, DECALs etc/ all of this content u fail if u delete UE older version/
Sory for my bad English )))
İt really is an Epic Fail. We are waiting for this problem to be resolved!
Same problem here! Forced to go back to 2022.2.3 version. Please Epic update the plugin in UE so it can read the new 2023 files from TM! 
Same here… Seems like I will have to recreate my scene from Twinmotion in Unreal from scratch
With Twinmotion 2023, you are expected to export a scene from Twinmotion with Datasmith.
Then you need to have a specific plugin to be loaded in UE to get reference to the assets.
@MisterSmile84 described it:
With Twinmotion 2023.1 you can export Datasmith files and bring your scenes into UE by using the latest Content plugin found on the marketplace: Datasmith Twinmotion Content for Unreal Engine (Beta) in Code Plugins - UE Marketplace
Here is the documentation to follow along for the Export and import of the Datasmith scene from Twinmotion:
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