Registration Report Analysis - 2023 February Taiwan Car Market

By Mike Song 2023-03-01

Market Overview: The car market in February has decreased by 5.7% compared with that in January, and the total registration number this month is 32,819 units, which is 35.2% higher YOY. From the registration number this month, we can see that Toyota is still the leader among brands. Even though Corolla Cross had decreased compared with last month, it still has more than 2,500 units of delivery. However, the market share of Toyota had dropped to 24.4%, which is 32.4% lower than last month, due to the supply of RAV4 had decreased, plus the facelifted Ford Focus had 1,228 units of deliveries after it went on sale, which outperformed Corolla Altis’s 1,003 units. In addition, Lexus had skyrocketed to 2nd place this month due to the enormous delivery of NX, which is worth mentioning.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (33.1%), and CMC/Mitsubishi ranked at 2nd place by 8.6%, and Honda ranked at 3rd place by 6.9%, and Mercedes-Benz ranked at 4th place by 5.7%, Ford and Hyundai ranked at 5th place by 5.2%, Nissan and Mazda ranked at 6th place by 4.1%. Lexus, Honda, Mitsubishi, and Mazda had significantly increased compared with last month.

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

The sales ratio of domestic cars and imported cars is 54.3% vs. 45.7% this month. Domestic passenger cars have lower sales ratio YOY, but domestic commercial cars have better sales ratio YOY. The the supply chains are recovering now but not yet completely stable, so the sales ratio in the future still depends on the actual supplies.

Outstanding models:

There are 7 models that had more than 1,000 units of sales this month… Corolla Cross (2,596 units), NX (1,442 units), CR-V (1,309 units), Town Ace (1,305 units), Focus (1,228 units), Veryca (1,012 units), and Corolla Altis (1,003 units). In the competition of light duty trucks, CMC Veryca was Toyota Town Ace defeated by (1,609 units vs. 1,171 units). After Town Ace Van went on sale on last December, it accounted for 68.2% of sales among all Town Aces.

BEVs market:

The delivery of BEVs is totaling 1,309 units this month, which is 104.2% higher compared with last month. and Model Y has been delivered 419 units that occupies 32% of market share. In addition, XC40 Recharge has been delivered for 155 units, iX has been delivered for 119 units, Model 3 has been delivered for 105 units, Taycan has been delivered for 82 units, bZ4X has been delivered for 80 units, EV6 has been delivered for 73 units, i4 has been delivered for 70 units, EQB has been delivered for 47 units, EQS has been delivered for 25 units, EQE has been delivered for 25 units, and other brands had deliveries also. The deliveries of BEVs are significantly influenced by supplies, so the situation of the BEVs market of Taiwan in the upcoming months needs more attention.