Taiwan’s new vehicle market surged by 29% to 44,821 units in January 2024 from 34,788 units a year earlier, according to Taiwan’s Ministry of Transportation.

The market last month came up against weak year earlier volume when the Lunar New Year holidays held back purchases. It also continued to be supported by recent new model activity and dealer promotions while some less established import brands such as Lexus, Hyundai and MG made significant gains.

Economic growth accelerated to 5.1% year on year in the fourth quarter of 2023 from 2.3% in the third quarter, driven by a rebound in exports while growth in private consumption slowed.

Sales of locally produced vehicles surged by 32% to 25,742 units in January while import sales increased 24% to 19,079 units.

Battery electric vehicle (BEV) sales amounted to just 1,210 units with BMW leading this segment with 480 sales followed by Mercedes-Benz with 160.

Toyota overall sales increased 3% to 12,280 units last month while Honda sales almost doubled to 3,325 units thanks to strong demand for the CRV; Mercedes-Benz 3,225 units (+29%); Lexus 3,077 (+87%); Hyundai 2,736 (+67%), China Motor (+55); MG 2,278 (232%), Nissan 2,012 (+2%); BMW 1,727 (-8%) and Ford 1,580 (-12%).

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By GlobalData