Taiwan’s car registrations rise in December 2024

TAIPEI (TVBS News) — Taiwan's new car registrations reached 41,302 units in December 2024, a 5.4% increase from November 2024 but a 4.3% decrease compared to December 2023. According to industry statistics on Thursday (Jan. 2), the total for 2024 hit 457,830 vehicles, making it the second-highest since 2006.

Tesla registered 15,276 vehicles last year in Taiwan, securing its position as the fifth-largest imported car brand. Meanwhile, the LUXGEN (納智捷) electric vehicle n7, delivered by Hon Hai (鴻海) and Yulon (裕隆) joint venture, reached 7,121 units in 2024, with 501 units delivered in December alone.

Toyota and Lexus, under Hotai Motor. (和泰車), registered a combined 12,637 vehicles in December 2024, capturing a 30.6% market share. Toyota alone accounted for 10,711 units, securing a 25.9% share and maintaining its top position. Their total market registrations for 2024 reached 153,526 units, the highest in 11 years, with a market share of 33.5%.

Industry experts predict strong market conditions in January 2025 as brands ramp up promotions ahead of the Lunar New Year. However, the early holiday and fewer working days are expected to result in approximately 42,000 registrations, a 6.3% year-over-year decrease. Analysts anticipate Taiwan's new car market to approach 460,000 units in 2025.