Taiwan's new vehicle market surged by almost 30% to 51,179 units in January 2021 from weak year-earlier sales of 39,417 units, according to local reports citing registration data compiled by the Directorate of Highways.

The market last month continued to benefit from strong demand for the new Toyota Corolla Cross, which has overtaken the RAV4 as the country's best-selling model since deliveries began in October.

There were also more working days last month compared with a year ago due to the Lunar New Year falling in February this year. February sales are expected to decline as a result.

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Sales of imported vehicles increased by 5% to 20,846 units in January while domestic sales jumped by 55% to 30,333 units. Toyota distributor Hotai Motor said its sales increased by almost 33% to 16,661 units, with sales of the Corolla Cross amounting to 6,195 units.

Local investment company Capital Investment Management Corporation suggested the market last month was also lifted by buyers rushing into the market ahead of potential delivery delays caused by the global shortage of semiconductors which is affecting vehicle production worldwide. It warned that the local vehicle market could be held back by this in the coming months.

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The Taiwanese economy expanded by 3% last year, with fourth quarter growth at 4.9%, driven by strong rebound in exports.

The country has recorded very few COVID-19 infections since the outbreak began over a year ago and day-to-day domestic economic activity has largely been unaffected by the pandemic.

The vehicle market last year expanded by 4% to a near record 457,435 units from 439,836 units in 2019.