New vehicle sales in Taiwan expanded by a further 10% to 43,566 units in November 2023 from 39,670 units a year earlier, according to the Directorate of Highways.

The market continued to be driven by dealer promotions and by the large number of new models launched over the last year with import brands Lexus, Hyundai and Volkswagen helping to drive up volume.

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Economic growth accelerated to 2.3% year on year in the third quarter, driven by strong consumer and public spending though international trade remained weak.

In the first 11 months of the year. total vehicle sales rose 12% to 433,826 units, after declining 5% to 387,877 a year earlier, with sales of locally produced vehicles up 5% to 229,681 units while import sales surged 21% to 204,145.

Toyota sales increased 2% to 116,274 units year to date, with the locally made Corolla Cross hybrid and the RAV4 the country’s best selling models, while Lexus volume surged 60% to 28,248 units due to strong demand for the NX and RX SUVs.

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Honda was the third best selling brand YTD with sales rising by 8% to 26,882 units, underpinned by the popular CRV, followed by Mercedes-Benz with 22,819 units (+5%); Hyundai 20,772 (+48%); Nissan 20,547 (-5%); Volkswagen 14,936 (+31%); and Mazda 12,611 (-6%).

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Tesla led the battery electric vehicle (BEV) segment with 11,400 sales YTD driven mainly by strong demand for the Model Y. BMW gained ground in this segment with the iX and i4, followed by Mercedes with its EQ range and Volvo

Luxgen, a subsidiary of Yulon Motor, said it had received 25,000 orders for its new N7, an electric vehicle developed locally by Foxtron Vehicle Technologies, the joint venture between Hon Hai Precision Industry and Yulon Motor. Deliveries were expected to begin before the end of the year.