Registration Report Analysis - 2025 February Taiwan Car Market

車未來 2025-03-03

Market Overview: In February, the overall market saw a significant decline of 21.5% compared to January, primarily due to two days falling within the Lunar New Year holiday and the Peace Memorial Day holiday at the end of the month. Additionally, February has the fewest days of any month in the year. However, compared to February of last year, the market experienced a slight growth of 4.8%, reaching a total of 27,515 units. Most major brands faced a decline this month, but Honda, Ford, and Tesla achieved growth. Among them, Tesla saw the most substantial increase at 162.7%, mainly due to various promotional offers on the current Model Y, successfully attracting consumers. As of the end of February this year, the cumulative number of registered vehicles stands at 62,579 units, reflecting a 12% decline compared to last year. The global economic and political landscape remains volatile due to various international policies from the U.S. Trump administration, along with the ongoing Russia-Ukraine war gradually reaching its final stages. The impact on the overall economy remains to be closely observed. Therefore, for now, we maintain our forecast that the total annual market performance will remain on par with last year.

Market share of brands:

In terms of market share performance this month, Toyota/Lexus remained the leader with 37.8%, followed by CMC at 6.8%. Mercedes-Benz ranked third with 6.3%, Honda fourth with 6.0%, Hyundai fifth with 3.8%, and Ford sixth with 3.7%. BMW and Tesla tied for seventh place at 3.5%, while Mitsubishi came in eighth at 3.4%. This month, apart from Honda, Ford, and Tesla, all major brands experienced declines of varying degrees, with Mercedes-Benz suffering the most significant drop of 44.1%.

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

The sales ratio of domestic to imported vehicles this month was 50.2% vs. 49.8%. The sales performance of imported passenger cars grew by 15.5% compared to the same period last year but declined significantly by 16.4% compared to last month. The primary reason was a notable drop in registration numbers for key import brands such as Lexus, Toyota, Mercedes-Benz, BMW, and Mazda in February. Additionally, most brands were undergoing model year transitions this month. It is expected that the supply of new imported vehicles will return to normal starting in the spring, as shipments arrive and complete certification before being registered and delivered.

Outstanding models:

Only five models surpassed 1,000 units in sales this month: Corolla Cross with 2,423 units, RAV4 with 1,593 units, J Space with 1,345 units, Yaris Cross with 1,060 units, and Town Ace with 1,039 units. In the small commercial vehicle segment, J Space demonstrated strong product performance this month, achieving its second-highest sales since launch, surpassing Town Ace (1,345 units vs. 1,039 units). It is believed that Hotai Motor is actively planning updates for the Town Ace to maintain its market competitiveness.

BEVs market:

A total of 2,008 pure electric vehicles were delivered this month, representing a 9.1% decline from the previous month. The main reason was that Tesla only had deliveries of the current Model Y, totaling 890 units, while Model 3 deliveries were just 37 units. Meanwhile, Luxgen n⁷ saw a steep 55.5% drop in registrations. Other EV brands also saw lower deliveries in February compared to January. Macan Electric delivered 97 units, iX1 delivered 91 units, EQA and EQE SUV each delivered 71 units, i5 delivered 44 units, iX delivered 43 units, iX2 delivered 39 units, EQB delivered 38 units, and Q4 e-tron Sportback delivered 33 units. This year, various brands have gradually completed their pure electric vehicle lineups, and backlogged orders continue to be fulfilled. Recently, Tesla officially introduced the facelifted Model Y series, which is expected to generate significant market buzz and drive sales momentum in the EV segment for the year.