Registration Report Analysis - 2024 September Taiwan Car Market

車未來 2024-10-01

Market Overview: In September, the total market saw a growth of 24.2% compared to August, which was largely within the Ghost Month, reaching 36,532 units. However, this represents a 1.5% decline compared to September of last year. All major brands showed varying degrees of growth this month, with Tesla leading the way with a 149.6% increase, mainly due to shipments arriving, resulting in large deliveries of the Model 3 and Model Y. The cumulative number of registrations for the year up to the end of September reached 344,116 units, a slight 1.4% decline compared to last year. As we enter the fourth quarter, brands are continuing to clear accumulated orders, and the stability of deliveries will depend on the success of order fulfillment. Import brands are entering the model year transition period, with both old and new models being offered. Meanwhile, domestic vehicles have been affected by the new regulations on parts localization, which have hindered MG’s performance with the launch of the MG4 electric vehicle. As for the full-year registration numbers, our predictions over the past three quarters that the market performance would remain close to last year's have proven to be quite accurate.

Market share of brands:

In terms of market share performance this month, Toyota/Lexus remains the leader with 33.9%, followed by Tesla in second place with 6.2%, Mercedes-Benz in third with 5.9%, BMW in fourth with 5.2%, Honda in fifth with 5.1%, CMC in sixth with 4.3%, Hyundai in seventh with 4.1%, Nissan in eighth with 4.0%, and Mitsubishi in ninth with 3.5%. All major brands saw growth this month, with Tesla experiencing the largest increase of 149.6%.

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

The sales ratio of domestic cars to imported cars this month is 48.9% vs. 51.1%. The sales performance of imported passenger cars this month grew by 7.9% compared to the same period last year but declined sharply by 25.2% compared to last month. This increase in deliveries was driven by shipments of imported vehicles arriving, particularly Tesla’s Model 3, which saw a remarkable 927.3% increase compared to the previous month, boosting the brand's market share to 6.2%.

Outstanding models:

This month, five models achieved sales exceeding 1,000 units: Town Ace with 2,144 units, Yaris Cross with 2,014 units, Corolla Cross with 1,949 units, RAV4 with 1,669 units, and Model 3 with 1,017 units. The Yaris Cross saw a significant 80.6% increase compared to last month, while the Corolla Cross, despite facing a minor facelift, still managed a 2.4% growth. In the small truck segment, the Toyota Town Ace continued to maintain a strong lead over the Veryca this month (2,144 units vs. 945 units).

BEVs market:

A total of 4,252 electric vehicles were delivered this month, marking a nearly 62% increase compared to last month. This growth was primarily driven by Tesla’s Model 3, which saw 1,017 units delivered due to a large shipment arrival, achieving a market share of around 23.9%. Other electric vehicles from various brands were also delivered steadily. The Model Y had 950 units delivered, the n⁷ had 594 units, the iX2 had 354 units, the Model X had 249 units, the iX1 had 147 units, the XC40 Recharge had 119 units, the EQE SUV had 108 units, the Mini Countryman SE ALL4 had 99 units, the iX had 93 units, the EV9 had 58 units, the EQB had 56 units, the Model S had 45 units, and both the Ariya and the C40 Recharge had 35 units each. Tesla remains the leader in the electric vehicle market with a 53.2% share, followed by Luxgen with 13.92%. If Luxgen can continue to release more electric models, there is potential for continued growth.