Whole-car production to increase in Q1: ITIS

The ITIS made the remarks while releasing a report on Taiwan's auto industry for the fourth quarter of last year and its outlook for this year.

According to ITIS, the island's whole-vehicle production is expected to hit NT$47.55 billion during the current quarter, a rise of 2.9 percent from the October-December period in 2012.

The agency based its forecast on various positive factors, including new models launched by automakers, strong sales during the Chinese New Year period, and higher consumption power by consumers after getting their year-end bonuses.

ITIS said that last year, Taiwan's domestic auto market dwindled due to an increase in fuel prices. Yet this year, the market is expected to increase, thanks to various incentives including a global economic recovery, new hybrid models launched by local automakers, and increasing exports to emerging markets like the Middle East, ITIS said.

The agency forecast that this year, whole-car production is expected to hit NT$187.24 billion, a rise of 1.7 percent from 2012.

As for electric vehicles (EVs), production value is also set to increase on various incentives, including a government subsidy program for tax drivers changing their old vehicles to hybrids.

According to ITIS, EV production value is expected to reach NT$2.94 billion in the first quarter, a quarter-on-quarter increase of 37.6 percent.

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