Taiwan’s new vehicle market fell 6% year on year to 41,313 units in March 2024 from 44,161 units a year earlier, according to registration data compiled by Taiwan’s Ministry of Transportation.
The economy remained strong with the latest data showing GDP growth of 4.9% YoY in Q4 2023, driven by strong domestic consumption and exports. The market last month came up against strong year earlier volume while imports from Europe have also been affected by disruption to shipping in the Red Sea since the beginning of the year. Compared with the previous month, when demand was held back by the Lunar New Year holidays, the market was up 57% in March.
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Total vehicle sales in the first three months of the year were just slightly higher at 112,401 units from 111,768 in the same period of last year. Sales of locally produced vehicles were estimated at 60,417 in this period while import sales amounted to 51,984 units. Sales of battery electric vehicles (BEV) amounted to just 5,351 units, led by Tesla, BMW and Mercedes-Benz.
Overall sales of Toyota brand vehicles fell 3% to 30,417 units in Q1, while Lexus sales were also 3% lower at 7,527 units following strong growth last year. Honda sales increased 7% to 7,526 units; followed by Mercedes-Benz with 6,523 units (+1%); Hyundai 6,401 (+24%); MG 6,214 units (+193%), China Motor 5,572 (+10); Nissan 5,119 (-9%); BMW 3,762 (-16%) and Ford 3,526 (-40%);
Earlier this year Hotai Motor, the local distributor of Toyota, Lexus and Hino, said it was aiming to sell a record 170,000 vehicles this year helped by the introduction of new models including the revamped Toyota Camry sedan and the new Lexus UX 300h.
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By GlobalData
