New vehicle sales in Malaysia increased by 4.5% to 53,452 units in August, from 51,126 units a year earlier, according to data gathered by the Malaysian Automotive Association. Last month’s improvement is based on low year-earlier data, however, and belies rising concerns about future domestic economic growth.
Consumers are increasingly cautious about spending on durable goods, while the ringgit has fallen by over 18% against the US dollar so far this year – making it one of Asia’s weakest currencies. Passenger car sales rose by 5.4% to 47,302 units nevertheless, from 44,898 units a year earlier, while commercial vehicle sales fell by 1.3% to 6,150 units from 6,228 units previously
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