Registration Report Analysis - 2023 August Taiwan Car Market

車未來 2023-09-01

Market Overview: Due to half of August being in the period of Ghost month, the car market in August has drop by 16.4% compared with July. The total registration number this month is 35,421 units, which is 2.9% higher YOY that doesn’t look bad. The accumulated registration number in the first 8 months this year is 312,637 units, which is 13.4% higher than last year that is in the pandemic. This most unexpected brand is the leader – Hotai Motor that drops by 3,127 units compared with last month due to many domestic models had dropped, plus the end of production of Yaris, which became the biggest factor that influenced the total market share of domestic cars! The registration number of the major brands dropped in different scale this month that only Honda had increased by 26.5%, and the reason is that the all-new 6th generation CR-V went on sale and had delivered 1,052 units, which is 2,994.1% higher compared with July. The situation of parts shortage is recovering, however the presidential election scheduled to be held next year will still keep influencing the car market, which is worthy of continuous attention.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (33.1%), and CMC/Mitsubishi/MG ranked at 2nd place by 10.9%, and Honda ranked at 3rd place by 6.1%, and Ford ranked at 4th place by 5.5%, and Hyundai ranked at 5th place by 4.6%, and Volkswagen ranked at 6th place by 4.3%, and BMW ranked at 7th place by 3.7%, and Nissan ranked at 8th place by 3.6%. With the exception of Honda that had significant growth compared with July, other major brands had dropped, and Lexus had dropped by 47.6% that is the heaviest.

Comparison between domestic cars and imported cars (excluding heavy duty trucks):

The sales ratio of domestic cars and imported cars is 50.3% vs. 49.7% this month. Both domestic and imported passenger cars have better sales ratio YOY, but domestic commercial cars have lower sales ratio YOY. Compared with last year and the beginning of this year, the supply chain of new cars has significantly recovered, but the sales ratio in the future will still be influenced by the actual supplies. However, as the supply become stable, the registration ratio could show the actual market reaction.

Outstanding models:

There are 6 models that had more than 1,000 units of sales this month… Corolla Cross (3,079 units), RAV4 (1,825 units), Town Ace (1,354 units), Corolla Altis (1,196 units), HS (1,077 units), and CR-V (1,052 units). In the competition of light duty trucks, Toyota Town Ace outperformed the CMC Veryca (1,354 units vs. 983 units). Town Ace van accounts for 35.6% of the total sales, and that of Veryca is about 42.3%, which might due to the longer waiting of delivery of the Town Ace van.

BEVs market:

The delivery of BEVs is totaling 1,675 units this month, which is about 6.7% higher compared with last month due to the increase of Tesla’s supplies. And Model Y has been delivered 554 units that occupies 33.1% of market share. In addition, Model X has been delivered for 329 units, iX has been delivered for 115 units, XC40 Recharge has been delivered for 80 units, EV6 has been delivered for 61 units, Model S has been delivered for 55 units, iX1 has been delivered for 52 units, Taycan has been delivered for 52 units, Taycan Cross Turismo has been delivered for 42 units, i4 has been delivered for 41 units, bZ4X has been delivered for 35 units, and many other brands also had stable deliveries that made the market more diversified gradually.