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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
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).
