Taiwan’s new vehicle market expanded 3% to 43,161 units in November 2023 from 41,854 units a year earlier, according to registration data compiled by the tansportation ministry.

Sales continued to be supported by dealer promotions and by the large number of new models launched over the last year with import brands such as Lexus, Hyundai and Volkswagen gaining significant ground. The country’s economy was estimated to have grown by just 1.5% last year with strong consumer and public spending offset by weak international trade.

Last year, total vehicle sales rose 11% to 476,987 units, after declining 4% to 429,731 in 2022 due mainly to a lack of supply due to supply chain shortages in the wake of the Covid pandemic. Sales of locally produced vehicles increased by 5% to 252,498 units while sales of imported vehicles surged 19% to 224,489 units to account for 47% of the overall market.

Toyota sales increased 5% to 129,110 units last year, with the locally made Corolla Cross hybrid and the RAV4 the country’s best selling models, while Lexus sales jumped by 56% to 30,065 units driven by strong demand for the NX and RX.

Honda was the second best selling brand after its sales rose by 11% to 30,420 units, underpinned by the popular CRV while Mercedes-Benz sold 24,439 vehicles (+5%); Nissan 22,747 (-6%); Hyundai 22,175 (+44%); BMW 17,725 (6%); Volkswagen 16,567 (+36%); and Mazda 13,801 (-10%).

Tesla led the battery electric vehicle (BEV) segment with 13,200 sales last year, reflecting strong demand for the Model Y. BMW gained ground in this segment with its iX and i4 models, followed by Mercedes with its EQ range and also Volvo with its C/XC40 Recharge.

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Luxgen Motor, a subsidiary of Yulon Motor, said that by the end of November it had received 25,000 orders for its new N7, a BEV developed locally by Foxtron Vehicle Technologies, a joint venture between Hon Hai Precision Industry and Yulon Motor. Deliveries began late in December.