SAIC Maxus G50 launch was delayed in Taiwan due to the new local content rules

Taiwan’s new vehicle market plunged by 17% to 29,401 units in August 2024 from 35,434 units in the same month of last year, according to registration data compiled by the Ministry of Transportation.

The decline was attributed mainly to the annual “ghost” month, which this year began on 4 August, when superstitious consumers refrain from major purchases.

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Compared with the previous month, new vehicle sales were down by 36%.

The market this year had come up against strong year earlier volume while economic growth had remained reasonably buoyant. GDP accelerated to 5.1% year on year in the second quarter driven mainly by strong exports while private consumption rose just 2.7%

In the first eight months of the year, new vehicle registrations were down 2% at 307,596 units from 312,640 units a year ago with sales of imported vehicles falling 2% to 146,520 units while sales of locally produced vehicles were down by just 1% at 161,076 units. Sales of battery electric vehicles (BEVs) dropped by 26% to 2,625 units in August, resulting in 24,308 sales YTD.

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Toyota continued to lead YTD with sales falling 2% to 83,396 units, followed by Lexus with a 10% decline to 20,064 units. Mercedes-Benz saw its sales rise by 10% to 18,589 units; Honda 17,714 units (-2%); Hyundai 15,551 (+3%); MG 13,688 units (+88%), China Motor 13,620 (+3); BMW 13,304 (+5%); Nissan 13,009 (-7%); Mitsubishi 10,476 (-7%); and Mazda 9,508 (+2).

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Last month the Taiwanese government announced the re-introduction of minimum local content requirements for locally-assembled vehicles.