Vehicle sales down 13% last year, its first decline after six years

Traffic jam seen near Jalan Tuanku Abdul Rahman bacause of Malaysia muslims doing their last minute shooping at Sogo Shopping mall in Kuala Lumpur on Wednesday, 23 July 2014 for their upcoming Raya Celebration next Monday. Brian Moh/The Star. For MetroBiz: According to the Malaysian Automotive Association (MAA) total industry volume forecast for 2014 has been raised to 680,000 units from 670,000 earlier.

SUBANG JAYA: Malaysian automotive sales plunged 13% year-on-year to 580,124 units in 2016, its first decline after six consecutive years of growth. 

Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad attributed the weaker sales to  the moderating economy, lower consumer spending and cautious business sentiment. 

Vehicle sales hit a record-breaking 666,674 units in 2015. 

Going into 2017, the MAA is projecting total industry volume (TIV) to hit 590,000 units. 

"Introduction of new models with the latest additional specifications, design styles and at a very competitive prices can assist to sustain buying interest," Aishah said at a briefing on Malaysia's 2016 auto sales review.  

At 580,124 units, sales last year narrowly met the MAA's target of 580,000 units for 2016. 

The last time TIV fell short of the 600,000-mark was in 2009 at 536,905 units. In 2010, sales hit 605,156 units.