Malaysia’s new automotive gross sales might hit a file 750k models this 12 months, however anticipated to dip underneath 700k in 2024

Malaysia’s new car sales could hit a record 750k units this year, but anticipated to dip under 700k in 2024

New automotive gross sales in Malaysia could also be on the right track to fulfill – and even surpass – the 725,000-unit complete business quantity (TIV) that was forecast for 2023, however issues aren’t anticipated to be as rosy subsequent 12 months.

Based mostly on the year-to-date numbers within the first 9 months of the 12 months, the TIV this 12 months is anticipated to simply meet the goal and will attain the 750,000 unit mark. With three months to go, the TIV stands at 571,767 models, and all that’s wanted is for gross sales to attain 60k models a month within the remaining quarter to get the TIV to the 750k mark.

Regardless of the remaining determine could also be, it’s anticipated to surpass the present file of 720,658 models offered in 2022, the primary time the nation’s TIV breached the 700,000-unit mark.

Malaysia’s new car sales could hit a record 750k units this year, but anticipated to dip under 700k in 2024

Nevertheless, the robust efficiency this 12 months has been largely supported by excessive business order backlogs of over 200,000 models, and a few analysis homes have indicated that they anticipate the TIV to drop in 2024, as The Edge and New Straits Occasions experiences.

TA Securities mentioned automotive gross sales might fall to 650,000 models in 2024 following the robust exhibiting this 12 months. The analysis home mentioned it anticipated stiffer competitors and aggressive pricing in 2024. “Carmakers might have to supply reductions to draw budget-conscious prospects,” it mentioned in a word printed at the moment.

Hong Leong Funding Financial institution (HLIB) Analysis shared the identical sentiment, saying it expects the TIV to drop after the excessive backlog orders of 200,000 models have been delivered.

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