But the company gradually made a turn-around last year by emphasizing its vehicles were a combination of local and European quality standard parts, Tseng said.
Formosa has fared well in selling its 1,300cc Matiz models since unveiling the new lineup in January this year.
"For the first four months we have sold 2,100 Matiz cars, with Nissan's March our biggest competitor in the market," Tseng said.
The company targets sales of 8,000 Matiz this year, he added.
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