Registration Report Analysis - 2024 August Taiwan Car Market

車未來 2024-09-02

Market Overview: In August, as the Ghost Month began on August 4th, the total number of vehicle registrations dropped significantly by 35.6% compared to the previous month, reaching 29,401 units. This figure also represents a 17% decline compared to August of last year. Most major brands experienced varying degrees of decline this month, with the exception of Volkswagen, which grew by 7.2%. Lexus saw the most significant decline, dropping 52.3%, mainly due to a more than 50% reduction in the registrations of its key models, the NX and RX. The cumulative number of registrations for the year up to the end of August stands at 307,584 units, a slight decline of 1.6% compared to last year. While most brands have achieved stable delivery performance and the order clearance rate has normalized, the impact of the new regulations on the domestic car parts localization rate is beginning to emerge in the market. 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:

In terms of market share performance this month, Toyota/Lexus remains the leader with 33.6%, followed by Mercedes-Benz in second place with 6.1%, Honda in third with 5.1%, Hyundai in fourth with 4.5%, and BMW and Volkswagen tied for fifth with 4.1%. CMC ranks sixth with 4.0%, Mazda seventh with 3.8%, and Mitsubishi eighth with 3.7%. Among the major brands this month, apart from Volkswagen's slight growth, other major brands showed varying degrees of decline compared to last month, with Lexus experiencing the largest drop of 52.3%.

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

The sales ratio of domestic cars to imported cars this month is 49.2% vs. 50.8%. The sales performance of imported passenger cars this month declined by 10.5% compared to the same period last year and significantly decreased by 30.2% compared to the previous month. The main reason for this decline is that most of the month fell within the Ghost Month, leading to a sharp decrease in deliveries. Notably, Lexus's RX saw a significant decline of 67.6% compared to the previous month, directly impacting the brand's market share.

Outstanding models:

Only four models achieved sales of over 1,000 units this month: Town Ace with 1,914 units, Corolla Cross with 1,903 units, RAV4 with 1,271 units, and Yaris Cross with 1,115 units. The Corolla Cross, which surpassed 4,000 units last month, saw a sharp decline of 56.7% this month. Luxgen's all-electric model n⁷ from our domestic brand ended its streak of four consecutive months of over 1,000 units, registering only 413 units. In the small truck segment, Toyota Town Ace climbed to the top of the sales rankings this month, with nearly 1.5 times the registrations of the Veryca (1,914 units vs. 763 units).

BEVs market:

A total of 2,625 electric vehicles were delivered this month, a decline of about 26% compared to last month, mainly due to a significant 59.1% drop in the deliveries of Luxgen's n⁷, which had previously exceeded 1,000 registrations for four consecutive months. Among them, 755 units of the Model Y were delivered, with a market share of about 28.8%. Additionally, 413 units of the n⁷, 162 units of the EQE SUV, 122 units of the iX, 112 units of the iX1, 99 units of the Model 3, 88 units of the EV9, 81 units of the EQA, 79 units of the XC40 Recharge, and 78 units of the Mini Countryman SE ALL4 were delivered. Although other brands' electric vehicles also experienced some declines, overall delivery performance remained relatively stable. This month, Tesla reclaimed the top spot in the electric vehicle market share, reaching 34.5%. Meanwhile, MG saw a sharp decline of 78.2% compared to last month, with only 56 units registered due to a temporary halt in MG4 deliveries. Future developments will require continued observation.