Malaysia’s new vehicle market continued to fall in November, by 12.4% year-on-year to 49,085 units from 56,068 units a year earlier, according to data released by the Malaysian Automotive Association (MAA).
The country’s economic growth has slowed sharply in this year, to just above 4% year-to-date from close to 5% in the whole of last year, due mainly to declining export demand and weak commodity prices.
Cumulative eleven-month vehicle sales were 13.7% lower at 515,293 units, compared with 597,306 units in the same period of last year.
The Association expects the market to pick up temporarily in December, mainly as buyers take advantage of aggressive marketing ahead of probable price hikes in January in response to the weak local currency, the ringgit.
Full-year sales are likely to come in at around 585,000 units – some 12% lower than the record 668,000 units sold in 2015.