Taiwan’s new vehicle sales continued to decline in May 2022, by 10% to 30,922 units from 34,403 units in the same month of last year, according to registration data compiled by the directorate of highways.
The market has been in decline since the third quarter of 2021, from strong year earlier levels, due in large part to the global shortage of semiconductors which has affected supplies of both imported and domestic vehicles.
Taiwanese companies and consumers are also coming under pressure from the rising cost of energy, raw materials and food, which has increased particularly sharply since the Russian invasion of Ukraine in February.
Vehicle sales in the first five months of the year were down by 12% at 170,520 units from 193,879 a year earlier, with domestic sales falling by 7% to 97,375 units while import sales dropped by 18% to 73,145 units.
Toyota sales fell by just under 5% to 51,520 units year to date, supported by strong demand for its locally assembled Corolla Cross hybrid, now the country’s best selling vehicle model.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Toyota launched its new purpose built, battery powered bZ4X SUV in May which it imports from Japan. The automaker said it expected overall electric vehicle (EV) sales in the country to almost double to 13,000 units this year from 6,982 in 2021. Tesla alone registered 1,665 Model 3s in the country in May.
Honda sales were down by just over 2% at 11,290 units in the first five months of the year, underpinned by strong demand for its new CR-V model while Nissan sales fell by almost 22% to 10,170 units; Ford 10,093 units (-19%); Mercedes-Benz 9,997 units (-24%); and China Motor 9,464 units (-10%).
Yulon Motor earlier this month said it expected the Taiwanese new vehicle market to shrink by just over 3% to 436,000 units this year with the reopening of Shanghai to ease component shortages and lift vehicle supply in the second half of the year.