New vehicle sales in Malaysia fell by over 8% to 67,523 units in November 2024 from 73,262 units in the same month of last year, according to registration data released by the Malaysian Automotive Association (MAA).
After a strong start to the year Malaysia’s vehicle market has weakened in recent months as it came up against strong year-earlier data, after sales hit a record high of 799,731 units in 2023. Economic growth in the country slowed to 5.3% year-on-year in the third quarter from 5.9% in the second quarter, reflecting mainly a slowdown in private consumption growth.
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The MAA pointed out that consumers last month were also “waiting for year-end promotions” before making purchases, with the vehicle market expected to pick up in December. Earlier this month the association revised its full-year market projection to 800,000 for 2024, up from its previous forecast of 765,000 units.
In the first eleven months of 2024 the vehicle market expanded by just over 1% to 731,534 units from 721,392 in the same period of last year, with passenger vehicle sales rising by 3% to 670,650 units while commercial vehicle sales dropped by 17% to 60,884 units. Total vehicle production in the country rose by 2% to 725,173 units year-to-date compared with 708,376 units previously.
The government has set a target for battery electric vehicles (BEVs) to account for 15% of total vehicle sales in the country by 2030, compared with just 5% in September, rising to 80% by 2050.
Proton’s global sales fell by 3% to 137,751 units in the first eleven months of 2024, including 3,652 exports. The Saga remained by far the company’s best-selling model with deliveries up by 4% at 66,094 units; followed by the Geely-based X50 compact SUV with 21,033 units; the Geely-based S70 sedan with 17,512 units; and the Persona sedan with 17,325 units. The automaker is preparing to launch its first BEV, the Geely-based e.MAS 7, which is scheduled for December.
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By GlobalDataUMW Toyota Motor’s sales fell by over 8% to 97,705 units year-to-date. The automaker hopes to improve its performance with the launch earlier this month of the new Camry and the facelifted Corolla Cross.
Perodua reported a 12% sales increase to 260,361 units in the first nine months of the year. The company also plans to launch its first BEV next year, with a price target of under MYR100,000 (US$22,280).
