The Total Industry Volume (TIV) for Malaysia in September 2024 dropped by 15% to 58,032 units compared to 68,174 units in September 2023, according to the Malaysian Automotive Association (MAA). Despite this drop, the year-to-date (YTD) TIV for 2024 showed a 4% increase, reaching 594,037 units, up from 571,957 units in the same period in 2023.
The shorter working month in September, along with a wait-and-see approach by consumers ahead of the National Budget 2025, contributed to the slowdown in sales. On a month-on-month basis, September's TIV was 20% lower than August's 72,367 units.
The number of passenger vehicles sold in September 2024 fell 14% year-on-year to 52,922 units, while commercial vehicles sales dropped 23% to 5,110 units. However, YTD passenger vehicle sales increased by 6%, whereas commercial vehicle sales saw a 15% decline.
In terms of production, the number of vehicles produced in September 2024 fell by 20% to 55,383 units compared to 69,133 units in 2023. However, YTD production grew by 5%, reaching 593,050 units.
The MAA has set a TIV target of 765,000 units for 2024, raising its previous forecast following strong sales in the first half of the year. To achieve this target, another 231,699 units will need to be sold in the remaining months of the year.
Comments
Post a Comment