Taiwan's EV Registrations Soar to New Heights

The Electric Vehicle surge is gaining momentum in Taiwan! Data from the Ministry of Economic Affairs (MOEA) reveals a notable increase in vehicle plate registrations across the country. Between January and November 2023, EVs comprised over a quarter of all new vehicle registrations. This surge is projected to propel the annual turnover of the automobile and motorcycle retail industry to surpass $750 billion in 2023, marking a new record high. Factors contributing to this growth include the easing of raw material shortages and an uptick in deliveries of imported vehicles.

The MOEA Department of Statistics highlighted that during the first 11 months of 2023, retail sales of automobiles and motorcycles reached $719.3 billion, surpassing the total for the preceding year. This notable achievement underscores an impressive annual growth rate of 16.4%, representing a record high since 2011.

The MOEA also highlighted a surge in EV plate registrations. Over the past decade, since 2014, EV plate registrations have consistently exceeded 400,000 annually. However, the average annual growth rate of automobile registrations over the last four years has experienced a slight decline of 0.3%. This decline can be primarily attributed to a 5.9% average annual decrease in fuel vehicle registrations during the same period. Conversely, registrations for electric vehicles, including purely electric vehicles and hybrids, have demonstrated steady growth year by year, boasting an impressive average annual growth rate of 77.2%. This upward trend is largely driven by Taiwan's proactive initiatives aimed at promoting the development of high-efficiency and new-energy vehicles.

Examining the proportion, EV plate registrations have steadily increased their share of total new registrations since 2018, rising from 2.2% to 25.9% in the first 11 months of 2023, while fuel vehicle registrations declined to 74.1%. Customs import statistics reveal a rapid growth in the import value of electric vehicles in recent years, reaching a record high of $79.9 billion in 2022. Over the past four years, there has been an average growth rate of 75.3%. The import value for the first 11 months of 2023 already exceeds that of 2022, totaling $112.6 billion, indicating a potential record achievement for the annual import value. Additionally, the proportion of electric vehicles in the total import value of automobiles has risen from 4.9% in 2018 to 47.3% in the first 11 months of 2023.