New vehicle sales in Taiwan rose by 3.7% year on year to 46,800 units in July, according to local industry sources, despite a sharp slowdown in economic growth.

The country’s economy expanded by just 0.6% year on year in the second quarter due mainly to an almost 10% decline in exports. But the domestic economy performed much better – with private consumption rising by 2.8% in the same quarter.

Cumulative seven month vehicle sales were up by 3.2% at 264,200 units, of which Toyota and Lexus distributor Hotai Motor accounted for 85,940 units – or almost 33% of the total market.