Malaysia auto sales up 10.3% to 366,037 units in 1H 2023 – full-year forecast revised up from 650k to 725k

Auto income successful Malaysia for the archetypal fractional of 2023 grew 10.3% year-on-year to 366,037 units. This means that the caller conveyance marketplace has not lone returned to pre-pandemic levels, but is really higher than before. This rosy 1H2023 full manufacture measurement (TIV) is connected the backmost of 2022’s all-time grounds income of 720,658 units.

The Malaysian Automotive Association (MAA), which held a property briefing today, attributed the beardown archetypal fractional show to the fulfilment of bookings received during the Penjana income taxation exemption play past year, the bulk of which were registered earlier March 31. A just fig of these bookings were besides carried implicit and registered from April to June.

The robust income were driven chiefly my nationalist makes. In 1H2023, marketplace person Perodua and 2nd placed Proton sold a combined 220,702 units, a 19% year-on-year increase. In contrast, non-national makes income of rider vehicles dropped 3% to 105,959 units. This means that currently, P1/P2 instrumentality up astir 68% of the full rider conveyance market, which is 5% higher compared to the aforesaid play past year.

Penjana aside, the car nine says that the resilient home system (GDP expanded by 5.6% successful the Q1 2023), caller exemplary launches, competitory prices and improved manufacture proviso concatenation situation besides contributed to the elevated TIV. Total accumulation besides roseate successful tandem with income – up 44,602 units oregon 14% y-o-y to scope 362,535 units.

With things looking good, MAA has decided to revise upwards its afloat twelvemonth 2023 TIV forecast to 725,000 units. This is simply a hefty 75,000 portion summation from the previous 2023 forecast of 650,000 units that was announced successful January. If the 725k people is met, it volition bushed past year’s all-time high.

Among the reasons cited for the TIV forecast summation are Malaysia’s unchangeable economical outlook (GDP expected to grow 4-5% for afloat twelvemonth 2023, driven by home demand), caller exemplary launches, MAA members’ continuation of assertive promotional strategies and value-added services, further betterment successful the car manufacture proviso concatenation environment, and Bank Negara’s determination to support OPR astatine 3% astatine its caller MPC meeting.

On the different hand, the softening of user spending successful the remainder of 2023, weighed down by worries implicit rising outgo of living, and the weakening of the Ringgit against large overseas currencies are imaginable dampening factors. Uncertainties astir the home and planetary economical situation mightiness besides play a portion successful car sales.

At the event, MAA’s caller president Mohd Shamsor Mohd Zain besides announced that the KL International Motor Show (KLIMS) volition marque a instrumentality adjacent year, with the nonstop dates to beryllium confirmed later.

The station Malaysia car income up 10.3% to 366,037 units successful 1H 2023 – full-year forecast revised up from 650k to 725k appeared archetypal connected Paul Tan's Automotive News.