New vehicle sales in Malaysia rose by 2.9% to 55,754 units in October, from 54,191 units in the same month of last year, according to the Malaysian Automotive Association (MAA).

The Association attributes the increase in part to aggressive promotional campaigns by manufacturers and also to the prospect of imminent price hikes after the sharp devaluation of the ringgit in recent months.

Passenger vehicles sales increased by 3.2% to 49,063 units last month, while commercial vehicle sales were just 0.6% higher at 6,691 units.

In the first ten months of the year, total vehicle sales fell by 1% to 541,142 units, from 546,513 units in the same period of last year.