Malaysia's Vehicle Market Dropped By 8% In Nov

After weak November sales that dropped 7.82% year over year and 3.33% month over month, Malaysia's automobile sector's total industry volume (TIV) sales are predicted to pick up pace in December, according to the Malaysian automobile Association (MAA).

In November, TIV dropped to 67,532 units from 73,262 units in the same month the previous year. Additionally, it was less than the October sales of 69,859 units, which MAA ascribed to customers "adopting a wait-and-see attitude for year-end promotions."

In context of anticipated vigorous year-end promotions by businesses whose fiscal year ends in December, TIV in December "is expected to be higher than November 2024," the report stated.

TIV for January to November (11M2024) is up just 1.41% to 731,534 units from 721,392 units in 11M2023, as a result of the weaker November sales. Sales of passenger cars increased by 3% during this time, but sales of commercial vehicles fell by 17%. Earlier this month, MAA updated its full-year TIV sales estimate from 765,000 units to 800,000 units. Throughout 2023, the industry sold 799,731 units.

In the meantime, as both passenger and commercial vehicle manufacturing decreased, production TIV dropped 10.06% year over year and 14.4% month over month to 60,927 units in November. This increases the year-to-date total to 725,173 units, up 2.375 from 708,376 units in the same period last year.