Hotai Motor Co (和泰汽車), which distributes Lexus, Toyota and Hino models in Taiwan, yesterday said it aimed to boost vehicle sales this year to a new record, benefiting from the introduction of new models and stable automobile production amid improved chip supply.
Hotai’s goal is to increase its vehicle sales this year to about 170,000 units after scoring a historical high sales figure of 166,000 units including commercial vehicles last year, the company said. If not, the distributor would see a 2.4 percent annual increase in car sales this year.
That sales growth would help Hotai grab a larger slice of the domestic market of about 37.8 percent, this year, the company said.
Photo courtesy of Hotai Motor Co
Hotai has maintained its position as the nation’s top car distributor for 22 years with its market share rising to 34.9 percent last year, the company said.
Addressing consumers’ replacement demand, Hotai plans to introduce new models, including a major revamp to Toyota’s Camry sedan and Toyota GR Yaris, a sport compact car, in the fourth quarter, Hotai president Justin Su (蘇純興) said in a company statement.
In addition, Lexus’ new LBX model hit the market last month and a new electric series, UX 300h, would be available soon, he said.
On the commercial vehicle side, Hotai plans to introduce Toyota’s H2 City Gold electric bus powered by hydrogen later this year, matching local governments’ promotion of electrification of urban bus fleets, Su said.
Last year was a phenomenal year for Taiwan’s auto market with overall new vehicle sales climbing 11 percent year-over-year to 476,987 units, hitting the highest level in 18 years, government data showed.
Su expects domestic new car sales to come down to a normal level of 450,000 units this year, thanks to an extension of government incentives for purchasing new cars.
Besides, global automakers have seen car production return to normal, ending a prolonged supply crunch, he said.
However, geopolitical tensions and the central banks’ interest rate policy remained major uncertainties that would affect market sentiment, he said.
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