New vehicle sales in Taiwan grew 12% to 44,161 units in March 2023 from 39,442 units a year earlier, according to the Directorate of Highways.
The market benefited from the arrival of a large number of new models in recent months following last year’s semiconductor shortages, particularly imported models, while scrappage incentives were extended until 2026 to support demand as economic growth slowed.
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The government cut its economic forecast for this year to 2.2%, to reflect falling export demand and weaker investment, while rising inflation was expected to hold back consumer spending.
First quarter vehicle sales increased 7% to 111,768 from 104,344 in Q1 2022, with sales of locally built vehicles rising 1% to 60,829 units while sales of imported vehicles increased 16% to 50,929, reflecting particularly strong demand for Lexus, BMW, Volkswagen and Tesla.
Toyota sales fell 5% to 30,432 units year to date, with the company still pointing to lingering semiconductor shortages, while Lexus volume surged 35% to 7,779, driven by strong demand for the NX and RX.
Honda Q1 sales fell 13% to 7,060 units while Mercedes-Benz sales were flat at 6,445 units; Ford 5,889 (-1%); Nissan 5,626 (-14%); BMW 4,501 (+28%); VW 3,221 (+44%); and Tesla 3,122 (+36%), boosted by strong demand for the Model Y.
