The Malaysian new car market rebounded strongly in July 2024, with vehicle sales rising by 11 per cent compared to the same month last year, according to the Malaysian Automotive Association (MAA). This increase was largely driven by a longer working month and the launch of new vehicle models, bringing the total industry volume (TIV) to 71,730 units, up from 64,790 in July 2023.
This growth represents a significant recovery from June 2024, when the market saw a 7 per cent year-on-year decline. Sales surged by 24 per cent from June to July, reflecting a positive shift in consumer demand.
So far, Malaysia’s automotive sector has demonstrated steady progress, with total vehicle sales for the first seven months of 2024 reaching 462,088 units—a 7 per cent increase from the 430,966 units sold during the same period last year.
This growth has been mainly driven by a 10 per cent rise in passenger vehicle sales, with 422,640 units sold. However, commercial vehicle sales have dropped by 13 per cent, falling to 39,448 units.
Vehicle production in Malaysia also saw growth in July, with 70,295 vehicles produced—a 5 per cent increase from the 66,862 vehicles produced in the same period last year.
Year-to-date production figures stand at 462,347 units, marking an 8 per cent rise compared to the 429,397 units produced in the first seven months of last year.
Major Car Manufacturers
The performance of major car manufacturers in Malaysia has been mixed. Proton, one of the country’s leading automakers, saw a slight decline in global sales, down 2 per cent to 88,799 units in the first seven months of 2024. Despite this, the Proton Saga remained the company’s best-seller, with sales up by 9 per cent, reaching 42,693 units.
UMW Toyota Motor, representing both Toyota and Lexus, reported a 2 per cent drop in sales to 55,800 units year-to-date. However, the company has been active in introducing new models, including the 2024 Lexus LM, RZ450e EV, and LBX hybrid.
Meanwhile, Perodua recorded a notable 17 per cent increase in sales during the first half of 2024, driven by strong domestic demand for its Bezza model. The company has yet to release its sales data for July.
Given these trends, the MAA has revised its full-year sales forecast upwards to 765,000 units, expecting the market to decline by only 4 per cent compared to the 799,731 units sold in 2023.
The association cited Malaysia’s resilient economy, stable interest rates, and a healthy backlog of orders—particularly for smaller passenger cars from Proton and Perodua—as reasons for this optimistic outlook.
With ongoing consumer interest and National Day promotions on the horizon, Malaysia’s automotive market is well-positioned to maintain its growth momentum in the coming months.
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