Taiwan’s new car sales last month registered a second month of growth, growing 7.1 percent to 34,511 units from 32,227 units, reflecting momentum in the local car market, market research group U-Car said in a report yesterday. On an annual basis, new car sales rose 3.9 percent.
U-Car attributed the growth in sales to tax incentives announced by the government in September, which enable buyers to take advantage of a NT$50,000 break in commodity tax for passenger cars with engine displacements of less than 2 liters. The rules are to expire on Jan. 7 next year.
The government has proposed to extend the exemptions of vehicle license tax and commodity tax to 2030.
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“We feel the market sentiment is improving,” U-Car said in the report. “Carmakers and dealers became more aggressive in selling their cars by rolling out revamped models or brand new models, hoping to boost sales in the final quarter of the year to catch up with car sales in 2024.”
The tax incentives are expected to further spur car sales this month, market leader Hotai Motor Co (和泰汽車) said yesterday.
Hotai, which distributes Toyota and Lexus cars in Taiwan, aims to sell 14,200 vehicles this month, up 11.51 percent from 12,734 units last month, which grew 25.5 percent from September, the company said.
During the first 10 months of this year, new vehicle sales in Taiwan dipped 12.4 percent to 330,648 units compared with the same period last year, as consumers halted purchases amid speculation about potential tax cuts on imported vehicles from the US amid trade talks with Washington.
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