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Taiwan Autos Report Q3 2010
Market |
Automotive and Parts |
Report Type |
Market Research |
Country |
Taiwan |
Published |
7 July 2010 |
Number of Pages |
47 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
- |
Taiwan is aiming to become one of the worlds top five electric vehicle (EV) producers by offering subsidies to EV manufacturers, supporting research and development (R&D) and setting up recharging stations, in a three-year project worth more than TWD8bn (US$253.6mn). The extent of the government's desire to popularise EVs is evident from the fact that it has also waived the commodity tax for EV producers and the licence tax for drivers of EVs.
The incentives would certainly go some way to answering the concerns of major Taiwanese carmaker Yulon Motor, which has complained the government does not have a clear enough plan to promote EV development. However, the enthusiasm and outlook among carmakers and consumers looks far from promising, thanks to the government's plans to reintroduce the commodity tax on vehicle purchase from the beginning of this year.
Registration figures for the first four months indicate a near 40% y-o-y increase, to 83,855 units, which we attribute to the low base effect of sales between January and April 2009. On the back of our forecast of a 5.9% y-o-y growth in Taiwan's real GDP and the fact that private consumption will be a major driver of this growth this year, we expect vehicle sales to rise at least a 16% y-o-y, to just over 266,200 units. The trend, however, is unlikely to be sustained as the imminent slowdown in mainland China will dampen auto sales growth to an average 10% y-o-y during 2011, followed by periods of more robust growth during 2012-14, when growth should average 11% y-o-y.
Given Taiwan's close links with China, it is not difficult to imagine increasing numbers of Chinese carmakers entering the country. In May 2010, Taiwan-based Shengrong Auto, a subsidiary of Prince Motors, entered an agreement with Chinese commercial vehicle manufacturer Anui Jianghuai Automobile (JAC) to assemble and sell JAC-branded vehicles in Taiwan. Meanwhile, Chinese stateowned truckmaker Sinotruk is considering building heavy truck assembly plants in Taiwan. These will certainly create conditions for increased competition in the market.
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