Registration Report Analysis - 2024 May Taiwan Car Market

車未來 2024-06-03

Market Overview: The car market in May has increased by 12% compared with April. The total registration number this month is 41,477 units, which is 2.4% lower YOY. In this month, All the major brands except MG and Nissan have growth in various scale compared with last month, and Tesla has the most significant growth of 16,481.8% due to the arrival and delivery of facelifted Model 3 and also Model Y, and the delivery of Model S and Model X are stable as well. The accumulated registration number in the first 5 months of this year is 190,916 units, which is 0.2% lower YOY. The supply of new cars is very stable at the moment, as brands keep receiving new orders while delivering the accumulated orders, plus the Luxgen n⁷ has stable delivery since it went on sale, which makes the market very spectacular. As for the annual registration number this year, we assumed that it should be close to last year.

Market share of brands:

The market share performance of each brand this month is still led by Toyota/Lexus (31.3%). Mercedes-Benz ranked at 2nd place by 6.4%, and BMW ranked at 3rd place by 5.3%, Hyundai and Honda ranked at 4th place by 4.9%, and Tesla ranked at 5th place by 4.4%, MG and CMC ranked at 6th by 4.0%, and Nissan ranked at 7th place by 3.9%. MG and Nissan are the only brands with lower result compared with last month, other major brands have increased. And Tesla has the most significant growth of 16,481.8%.

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

The sales ratio of domestic cars and imported cars is 49.5% vs. 50.5% this month. The sales ratio of the imported passenger cars had dropped by 0.3% YOY, and it had significantly increased by 24.7% compared with last month due to there were more ships arrived, so the accumulated orders can be delivered.

Outstanding models:

There are 11 models that had more than 1,000 units of sales this month… Corolla Cross (2,347 units), Town Ace (1,855 units), RAV4 (1,780 units), Yaris Cross (1,378 units), HS (1,279 units), n⁷ (1,055 units), CR-V (1,078 units), Model Y (1,063 units), Veryca (1,046 units), and GLC (1,020 units), and n⁷ had more than 1,000 units for the second time that it’s worthy of expectation in the future. In the competition of light duty trucks, Toyota Town Ace still significantly outperformed CMC Veryca (1,855 units vs. 1,046 units).

BEVs market:

The delivery of BEVs is totaling 4,323 units this month, which is 119% higher compared with last month due to the delivery of Tesla had increased. And Luxgen n⁷ has 1,100 units of delivery that occupies roughly 25.45% of market share. In addition, Model Y has been delivered for 1,063 units, Model 3 has been delivered for 559 units, iX1 have been delivered for 451 units each, iX2 had been delivered for 451 units, Model X has been delivered for 145 units, iX has been delivered for 112 units, i5 has been delivered for 102 units, and other brands also have stable deliveries. In this month, Luxgen’s market share had ranked at 2nd place due to the mass delivery of Tesla. However, n⁷ has more than 1,000 deliveries in 2 consecutive months, so we could expect its performance in the future.