A number of negative factors, including rising consumer debt, have started to weigh on automobile sales, as official figures revealed that the first 20 days of the month had already seen a huge plunge in sales.
According to the latest data from the Ministry of Transportation and Communications, new vehicle sales for the first 20 days of this month stood at only 15,118 units, down 31.4 percent from the same period a year ago.
Statistics for the period from January to March 20 also suggested that first-quarter sales are on a bumpy road, as only 94,470 cars were sold, a 22.6 percent drop from a year ago.
The top-three automakers still maintained their positions in the 79-day period, with Hotai Motor Co (
China Motor Corp (中華汽車), which assembles and distributes Mitsubishi vehicles, was runner-up with a 17.9 percent share, and Yulon Nissan Motor Co (裕隆日產), which makes and markets Nissan cars, was No. 3 with 11.9 percent, according to the ministry's data.
Consumers have become prudent in their spending due to escalating fuel costs, rising consumer prices as well as lower salary increases, Steven Yang (楊湘泉), a spokesperson for Hotai Motor, said in an interview on Feb. 16.
As banks act to tighten consumer credit, most vendors have trimmed sales targets and expect overall revenue to fall by NT$20 billion (US$614 million) this year. They said total sales will not be able to achieve the same growth as last year, which surpassed 500,000 units for the first time in 10 years.
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