Taiwan’s new vehicle market finished last year on a positive note with sales in December 2022 rising 4% to 41,854 units from 40,307 units in the same month of the previous year, according to the directorate of highways.
Over the full year, vehicle sales were down 4.5% at 429,731 units from 449,859 units in 2021 with deliveries affected by ongoing supply chain shortages, particularly early in the year.
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The Taiwanese economy grew strongly last year, by an estimated 3.5%, driven by strong consumer spending and a rebound in some key manufacturing sectors. The central bank hiked its benchmark interest rate to 1.75% in December to head off inflation.
Sales of locally produced vehicles fell 3% to 240,590 units last year while sales of imports were down 6% to 189,141 units despite a 35% jump in December following the launch of the Tesla Model Y.
Due to restrictions on imports from China, Teslas are imported from Germany. Sales of the Model Y reached 3,598 units in December, making it the best selling model ahead of the Toyota Corolla Cross. Tesla itself was the second best selling brand last month with 4,073 sales behind Toyota with 9,414 units.
Over the full year, Toyota sales declined 2% to 123,434, supported by strong demand for its locally assembled Corolla Cross hybrid. Honda sales fell by over 4% to 27,373 units while Ford sales were down 19% at 24,675 units; Nissan 24,137 units (-14%); Mercedes-Benz 23,383 units (-16%); and China Motor 21,819 units (-8%).
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By GlobalData
