Registration Report Analysis - 2023 October Taiwan Car Market

車未來 2023-11-01

Market Overview: The car market in October has increased by 9.3% compared with September, and the total registration number this month is 40,540 units, which is 10.7% higher YOY and performing well. The accumulated registration number in the first 10 months this year is 390,260 units, which is 12.1% higher YOY, as last year was heavily affect by unstable supply chains. The registration numbers of the main products of the leader – Hotai Motor came back to the level before, especially the all-new Yaris Cross had delivered 1,424 that made the registration number of Toyota increased by 26.7% compared with September, and accounts for 27.8% of market share. Most major brands had growth in various scale this month, especially MG that had increased by 43.3%. Ford had the most significant drop among major brands, which 4.1% lower compared with September, and it’s 30.9% lower YOY. The main reason is after the 3-star T-NCAP result of the Kuga released in September, it had dropped by 8.1% compared with September, and also dropped by 51.5% YOY. The car market keeps recovering stably this year, and there are many important models to be launched in 2 months remaining this year, so the annual car market could be 480,000 units, just the same as the prediction last month.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (32.8%), and CMC/Mitsubishi/MG ranked at 2nd place by 12.7%, and Honda ranked at 3rd place by 8.1%, and Nissan/Infiniti ranked at 4th place by 5.9%, and Mercedes-Benz ranked at 5th place by 5.2%, and Hyundai ranked at 6th place by 5.1%, Ford ranked at 7th place by 3.3%. With the exception of Ford that had heavily drop compared with September, other major brands had increased, and Ford had dropped by 4.1% that is the most significant.

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

The sales ratio of domestic cars and imported cars is 55.7% vs. 44.3% this month. Both domestic and imported passenger cars have better sales ratio YOY and compared with August, and the domestic passenger cars had 19.2% of growth YOY, and the imported passenger cars had 7.9% of growth YOY that indicates the supply is more sufficient. The supply chain of either domestic cars or imported cars has been recovered in the beginning of Q4 this year, which made the accumulated registration number in the first 10 months of this year increased by 12.1% YOY. The sales ratio of domestic cars and imported cars in the next 2 months must be influenced by the upcoming new cars, which needs further observation.

Outstanding models:

There are 8 models that had more than 1,000 units of sales this month… Corolla Cross (3,078 units), CR-V (1,668 units), RAV4 (1,645 units), Town Ace (1,540 units), Yaris Cross (1,424 units), Veryca (1,209 units), Corolla Altis (1,199 units), and HS (1,036 units). In the competition of light duty trucks, Toyota Town Ace still outperformed the CMC Veryca this month (1,540 units vs. 1,209 units). Town Ace van accounts for 37.9% of the total sales, and that of Veryca is about 47.6%,  that the Town Ace van had higher ratio compared with last month, but Veryca van had almost the same ratio.

BEVs market:

The delivery of BEVs is totaling 1,774 units this month, which is about 14.3% lower compared with last month due to the supplies of Tesla Model S and Model X significantly decreases. Apart from Tesla, BEVs from other brands have stable deliveries. And Model Y has been delivered 687 units that occupies 38.7% of market share. In addition, EQA has been delivered for 144 units, XC40 Recharge has been delivered for 90 units, Taycan has been delivered for 89 units, iX has been delivered for 71 units, EQE has been delivered for 64 units, C40 Recharge has been delivered for 59 units, Ioniq 5 has been delivered for 56 units, EQE SUV has been delivered for 55 units, EV6 has been delivered for 50 units. BEVs from brands have stable deliveries this month, and the all-new Luxgen n⁷ has been registered for 15 units, which has 8,000 orders that the performance in the future is worthy of attention.