Registration Report Analysis - 2024 July Taiwan Car Market

車未來 2024-08-01

Market Overview: Entering the second half of 2024, the car market performance in July grew by 9.8% compared to the previous month. The total number of registered vehicles this month was 45,678, representing a 7.8% increase from July of last year. Most major brands showed an upward trend this month, with Mazda experiencing the highest growth at 59.2%, primarily due to upgraded features in their 2025 models. The cumulative number of registrations for the year up to the end of July is 278,181, showing a slight growth of 0.3% compared to last year. The supply of new cars from various brands has generally remained stable recently, with delivery wait times related to each brand's production planning. Regarding the annual registration numbers, as predicted by our site in recent months, the performance remains quite close to last year's figures.

Market share of brands:

The market share performance of various brands this month is led by Toyota/Lexus with 37.2%, followed by Mercedes-Benz in second place with 6.1%, Honda in third place with 5.8%, BMW in fourth place with 4.8%, Hyundai in fifth place with 4.2%, and Nissan and CMC tied for sixth place with 4.1%. Mitsubishi holds the seventh place with 3.8%, and Mazda is in eighth place with 3.2%. Among the major brands this month, except for slight declines in BMW and Hyundai, other major brands showed varying degrees of growth compared to last month, with Mazda experiencing the highest growth at 59.2%.

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

The sales ratio of domestic cars to imported cars this month is 53.2% vs. 46.8%. This month's sales performance of imported passenger cars increased by 5.4% compared to the same period last year but decreased by 0.6% compared to the previous month. The main reason for this decline is the significant reduction in deliveries of Tesla's Model S and Model X this month. Additionally, the delivery of Volkswagen's Tiguan decreased significantly compared to last year due to the product reaching its end-of-life phase, which impacted the brand's market share.

Outstanding models:

This month, there are nine models with sales exceeding 1,000 units: Corolla Cross with 4,393 units, Town Ace with 2,211 units, RAV4 with 2,121 units, NX with 1,554 units, Yaris Cross with 1,526 units, CR-V with 1,364 units, Corolla Altis with 1,176 units, Veryca with 1,144 units, and n⁷ with 1,010 units. This month, the Corolla Cross surpassed the 4,000-unit mark. Additionally, Luxgen's all-electric model n⁷, from our domestic brand, has consistently sold over 1,000 units for four consecutive months, demonstrating stable performance. In the light duty truck segment, the Toyota Town Ace continues to maintain nearly double the registration numbers of the Veryca this month (2,211 units vs. 1,144 units)

BEVs market:

The delivery of BEV is totaling 3,543 this month, representing a significant decline of approximately 46.1% compared to the previous month, primarily due to a substantial decrease in deliveries of the Tesla Model S/X. Among them, Luxgen's n⁷ delivered 1,010 units, with a market share of about 28.5%. Additionally, 413 units of the Model Y, 299 units of the iX1, 257 units of the MG4, 232 units of the iX2, 215 units of the Model 3, 178 units of the EQA, 161 units of the EQE SUV, and 101 units of the EV9 were delivered, with other brands also maintaining stable delivery figures. This month, Luxgen returned to the top position in the electric vehicle market share, with the n⁷ consistently delivering over 1,000 units for four consecutive months since its launch. The newly introduced MG4 also achieved its monthly sales target of 250 units.