Taiwanese new vehicle sales expanded 11% to 40,540 units in October 2023 from 36,626 units a year earlier, according to the Directorate of Highways.

The vehicle market continued to be driven by aggressive dealer promotional campaigns and also by the large number of new model launches over the last year with import brands such as Lexus, Hyundai and Volkswagen helping to drive up volume.

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

In the first 10 months of the year, total vehicle sales rose 12% to 390,260 units after declining 6% to 348,207 a year earlier with sales of locally produced vehicles rising 4% to 205,375 units while sales of imported vehicles surged 22% to 184,885 units.

Toyota sales were flat at 102,878 units year to date (YTD) while Lexus sales surged 65% to 26,113 units thanks to strong demand for the NX and RX. Honda was the third best selling brand in this period with sales rising 5% to 23,785 units followed by Mercedes-Benz with 20,324 units (+5%); Ford 18,730 (-7%); Hyundai 19,059 (+54%); BMW 15,102 (+4%); Volkswagen 13,608 (+37%); and Mazda 11,501 (-5%).

Tesla led the electric vehicle (EV) segment with 10,500 sales YTD although BMW continuing to gain ground with its iX and i4 models followed by Mercedes with its EQ range and also Volvo. Luxgen Motor, 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, a joint venture between Hon Hai Precision Industry and Yulon Motor. Deliveries are expected to begin before the end of the year.