New vehicle sales in Malaysia fell by over 8% to 69,859 units in October 2024 from 76,173 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 accelerated to 5.9% year-on-year in the second quarter from 4.2% in the first quarter, driven by strong consumer spending, but it is expected to have moderated in the third quarter. With inflation under control, the central bank has kept its benchmark interest rate steady at 3.0% since its last hike in May 2023.
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In the first ten months of 2024 the vehicle market expanded by just over 2% to 664,002 units from 648,130 in the same period of last year, with passenger vehicle sales rising by 5% to 581,672 units while commercial vehicle sales dropped by 16% to 66,458 units. Total vehicle production in the country rose by 3.5% to 662,892 units year-to-date compared with 640,613 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 125,557 units in the first ten months of 2024, including an estimated 2,000 exports. The Saga remained by far the company’s best-selling model with deliveries up by 6% at 60,178 units; followed by the Geely-based X50 compact SUV with 19,122 units; the Geely-based S70 sedan with 16,200 units; and the Persona sedan with 15,931 units. The automaker has been making preparations for the launch its first BEV, the Geely-based e.MAS 7, which is scheduled for December.
Perodua and UMW Toyota Motor have yet to release their October sales results. In the first nine months of the year Perodua increased its sales by almost 12% to 260,361 units while Toyota and Lexus sales were 6% lower at 72,000 units in the same period.
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By GlobalDataPerodua aims to launch its first BEV next year, with a price target of under MYR100,000 (US$22,280).
