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Output of Taiwan's car industry forecast to rise almost 3% in Q1
Central News Agency
2013-02-19 07:13 PM
Taipei, Feb. 19 (CNA) Production value of the local car industry for the first quarter of this year is expected to rise nearly 3 percent from a quarter earlier as manufacturers have been intensifying efforts to launch new models, a government report said Tuesday. In addition, a buying spree ahead of the Feb. 9-17 Lunar New Year holiday prompted buying, the report said. The output of the local auto sector is expected to total NT$47.55 billion (US$1.6 billion) in the first quarter, up 2.9 percent from the fourth quarter of last year, according to the report released by the Industry and Technology Intelligence Services (ITIS), a research institute under the Ministry of Economic Affairs. For the whole of 2013, the production value of the local car industry is expected to hit NT$187.24 billion, up 1.7 percent from 2012, the ITIS said. The statistics do not include output of the domestic electric car segment, the research division said. In the first quarter, production value of the domestic electric car business is expected to total NT$2.94 billion, up 37.6 percent from a quarter earlier, the report said. The significant growth in the electric car segment largely reflects the government's efforts to provide subsidies to taxi drivers who purchase hybrid vehicles. The ITIS said that as hybrids have become one of the major products of the global auto industry due to more restrictive pollution regulations, it is possible that Taiwan will launch more energy-efficient models and push production value higher this year. The ITIS said output of the local electric car sector is expected to reach NT$18.60 billion in 2013, up 70.7 percent from a year earlier. In the auto parts segment, the ITIS said, output for 2013 is likely to rise 8.7 percent from a year earlier to NT$215.49 billion, in reflection of recovering demand from the United States, Japan and Europe. (By Chao Hsiao-hui and Frances Huang)
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