Weaker vehicle sales sees MAA revising downwards TIV forecast for 2016

Proton

SUBANG JAYA: The Malaysian Automotive Association (MAA) has revised its 2016 total industry volume (TIV) forecast downwards to 580,000 units from 650,000 units initially, due to lower vehicle sales in the first half of this year.

MAA president Datuk Aishah Ahmad said in light of the volatility in the global economy and weaker consumer sentiment, demand for new vehicles was affected in the first half of this year.

“Given the cautious business sentiment, with companies unwilling to invest amid economic uncertainties and subdued consumer sentiment, new vehicle sales had contracted during the period under review, she said today during a review of vehicle sales for the first half of 2016.

TIV in the first half of 2016 dropped to 275,459 units from 322,254 units in the previous corresponding period.

In January, the MAA had projected a drop in TIV by 2.5% from 666,674 in 2015 to 650,000 this year.