Taiwan’s new vehicle market expanded by 8% year on year to 45,678 units in July 2024 from 42,360 units a year earlier, according to registration data compiled by Taiwan’s Ministry of Transportation.
This was the market’s first positive performance in several months, resulting in slightly higher volume in the first seven months of the year at 278,181 units from 277,206 units in the same period of 2023. The market this year has come up against strong year earlier volume while second quarter GDP growth came in at 5.1%, driven mainly by strong exports while private consumption rose by just 2.7%.
Registrations of imported vehicles were slightly lower at 132,055 units year to date (YTD) while sales of domestically produced vehicles increased slightly to 146,140 units. Sales of battery electric vehicles (BEVs) amounted to 21,683 units in the seven month period, led by Tesla with 8,533 units; Luxgen 4,702 units; BMW 3,847 units and Mercedes-Benz 1,377 units.
Overall sales of Toyota vehicles were slightly higher at 73,128 units YTD; while Lexus sales fell 10% to 18,478 units. Mercedes-Benz enjoyed a 10% increase to 16,810 units, followed by Honda with 16,226 units (+2%); Hyundai 14,374 (+7%); MG 14,374 units (+113%), China Motor 12,205 (+8); BMW 12,091 (+7%); Nissan 11,970 (-5%); Tesla 8,533 (+11) and Mitsubishi 9,668 (-6%).
