New Players Reshape Taiwan EV Scene as Tesla Share Falls

In the early stages of the electric vehicle (EV) market, Tesla was the dominant player, holding more than 90% market share in Taiwan. However, as traditional automakers have joined the EV race, Tesla’s market share has declined to 40%, sparking a period of intense competition in a rapidly expanding market.

In 2019, there were only 3,394 registered EVs in Taiwan, with Tesla dominating at 3,147 units, while brands like Luxgen and BMW made up the remainder. Tesla’s registration numbers rose to 5,818 by 2020, while new entries from Benz, BMW, Audi, and Porsche began to trickle in, keeping Tesla’s share above 90% through the end of that year.

By 2021, the landscape began shifting. Tesla sold 5,632 units, dropping its market share to 77.4% as Benz, BMW, Volvo, Mitsubishi, Audi, and Porsche ramped up their EV offerings, sparking greater interest in EVs across the market. This trend continued in 2022, with Tesla maintaining a 70% share, though BMW (960 units), Volvo (706), Kia (626), Porsche (579), Hyundai, and Audi made substantial gains, pushing total EV registrations to 16,559—marking the first time the market surpassed 10,000 units in Taiwan.

In 2023, with Benz, BMW, and Volvo further intensifying their efforts, the EV market grew by nearly 10,000 units year-over-year. Tesla’s registrations held steady at just over 10,000 units, while an increasing share of the market went to traditional fuel car brands shifting to electric. By 2024, Luxgen achieved over 5,700 registrations in the first nine months, with BMW close behind at nearly 5,000. Tesla’s market share declined to 40%, as manufacturers competed aggressively with new models and cutting-edge technologies, pushing the Taiwanese EV market into a dynamic new era.