New vehicle sales in Taiwan continued to surge ahead in June 2023 with sales rising 31% to 42,380 units from 32,361 a year earlier, according to the Directorate of Highways.

The vehicle market continued to benefit from much improved supplies of semiconductors following last year’s supply chain shortages, as well as from a significant increase in new model launches in recent months. Demand for luxury brands such as Lexus, Mercedes-Benz and Tesla helped drive up sales last month.

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Consumer spending in the country has remained strong this year despite slowing economic output due mainly to declining export demand and sluggish fixed investment. The country’s central bank has gradually hiked its benchmark interest rate over the last year, to 1.875% in May, in response to rising inflation concerns.

In the first half of the year, total vehicle sales rose 16% to 234,857 units with sales of locally produced vehicles rising by just over 5% to 121,826 units while sales of imported vehicles surged by 29% to 113,031 units reflecting particularly strong demand for brands such as Lexus, Volkswagen and Tesla.

Toyota six month sales fell 1% to 59,841 units while Lexus sales surged 72% to 16,946 units driven by strong demand for the NX and RX models.

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Honda was the third best selling brand year to date with sales rising 6% to 14,176 units followed by Mercedes-Benz with 13,309 units (+14%); Ford 12,003 (-2%); Hyundai 11,334 (+68%); Nissan 10,892 (-2%); BMW 9,692 (+9%); and Volkswagen 7,962 (+67%).

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Tesla led the electric vehicle segment with sales rising 60% to 7,294 units, most of which were Model Ys.