Malaysia’s automotive industry experienced a welcomed uptick in new vehicle sales in March 2024. Figures released by the Malaysian Automotive Association (MAA) indicate a 10 percent increase compared to February with a total of 71,052 units.
This surge in sales was attributed to multiple factors, including companies rushing for deliveries ahead of their financial year-end on March 31, 2024. Additionally, promotional campaigns tied to the Hari Raya festive season contributed to the heightened demand for new vehicles.
Despite the overall increase in new vehicle sales, the passenger vehicle segment saw a slight decline of nine percent compared to March 2023, with a total of 64,760 units sold. Similarly, sales of commercial vehicles experienced a notable decrease, falling by 21 percent to 6,292 units.
While March 2024 sales contracted by 10 percent compared to the same month the previous year, year-to-date sales volume for March 2024 registered a five percent increase compared to the corresponding period of the previous year with 202,245 units.
In terms of production, MAA reported a 12 percent decline in vehicle production in March 2024 compared to March 2023, with a total of 66,923 units produced. This included 63,778 passenger vehicles and 3,145 commercial vehicles.
Looking ahead, MAA anticipates a dip in sales for April 2024 compared to March, primarily due to the shorter working month resulting from the Hari Raya festive holidays.
Despite this projected downturn, the association remains cautiously optimistic about the overall trajectory of the automotive industry in Malaysia, acknowledging the resilience and adaptability of market players in navigating evolving challenges and opportunities.
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