Registration Report Analysis - 2023 December Taiwan Car Market

車未來 2024-01-02

Market Overview: The car market in December has slightly decreased by 0.9% compared with November, and the total registration number this month is 43,161 units, which is 3.1% higher YOY. The accumulated registration number of 2023 is 476,987 units, which is 11% higher compared with 2022. The registration numbers of the main products of the leader – Hotai Motor are performing stably, but the Yaris Cross had dropped by 9.2% (1,509 units delivered) that made the registration number of Toyota decreased by 4.2% compared with November, and accounts for 29.7% of market share. Some major brands had growth this month, but others had decreases respectively. Especially Tesla that had increased by 121.2% due to batches of Model S and Model X arrival. Mercedes-Benz had the most significant drop among major brands, which is 35.1% lower compared with November, and 1.5% lower YOY, due to the registration number of the GLC had dropped, which is 49.4% lower compared with November, but it’s 118.8% higher YOY. The car market last year had stably recovered compared with 2022, which is 3,013 units less than our prediction in the past few months – 480,000 units.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (34%), and Honda ranked at 2nd place by 8.2%, and Mitsubishi/MG ranked at 3rd place by 7.5%, and Nissan ranked at 4th place by 5.1%, and Tesla ranked at 5th place by 4.2%, Volkswagan and Mercedes-Benz both ranked at 6th place by 3.8%, Ford ranked at 7th place by 3.3%. Among major brands this month, Honda, Nissan, Tesla, Volkswagen, Mitsubishi, and Ford had growth compared with November, but Toyota, Lexus, MG, and Mercedes-Benz had dropped, and Mercedes-Benz had dropped by 35.1% that is the most severe.

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

The sales ratio of domestic cars and imported cars is 53.8% vs. 46.2% this month, that imported passenger cars have 2% more sales ratio compared with November, but it’s 1.1% lower YOY. In 2023, either domestic cars or imported cars had been recovered from the pandemic in 2022, which made the accumulated registration number of last year increased by 11% compared with 2022. However, in the last month of 2023, the sales ratio of imported cars had 2% of growth due to the arrival of ships that brought lots of deliveries.

Outstanding models:

There are 8 models that had more than 1,000 units of sales this month… Corolla Cross (3,587 units), CR-V (2,133 units), RAV4 (2,092 units), Town Ace (1,723 units), Corolla Altis (1,519 units), Yaris Cross (1,509 units), HS (1,160 units), and Model Y (1,054 units). In the competition of light duty trucks, Toyota Town Ace still significantly outperformed the CMC Veryca this month (1,723 units vs. 853 units). Town Ace van accounts for 34.6% of the total sales, and that of Veryca is about 37%, the ratio of vans of Town Ace is 1.9% higher compared with November, but the ratio of vans of Veryca is 3.7% lower compared with November.

BEVs market:

The delivery of BEVs is totaling 2,606 units this month, which is about 25.5% higher compared with last month due to batch of Tesla Model Y RWD deliveries, plus there are more and more BEVs entered the market. And Model Y has been delivered 1,054 units that occupies about 40.5% of market share. In addition, Model X has been delivered for 544 units, Model S has been delivered for 198 units, XC40 Recharge has been delivered for 164 units, Mustang Mach-E has been delivered for 62 units, bZ4X has been delivered for 58 units, C40 Recharge has been delivered for 57 units, EV6 and Taycan had been delivered for 52 units, i5 has been delivered for 46 units, iX1 has been delivered for 35 units, iX has been delivered for 32 units, and the self-owned brand – Luxgen’s n⁷ has been delivered for 24 units, scheduling to begin mass delivery this year. In the situation that major brands introduced their BEVs successively, 2024 will be the new beginning of the booming of BEVs market.