Automotive to drive UMW’s earnings in second half


  • Auto
  • Thursday, 06 Aug 2020

The group noted that UMWT sold 7,509 units in July, which was 70% more than 4,417 units in June. Toyota Vios continued to be its best-selling model in July, contributing about 34% of total sales

KUALA LUMPUR: The automotive segment’s sales by UMW Toyota Motor (UMWT) and Perodua is expected to drive UMW Holdings Bhd’s earnings in the second half of this year.

UMW said its automotive market share is estimated at 52% in July, higher than 51.4% recorded in 2019.

The group noted that UMWT sold 7,509 units in July, which was 70% more than 4,417 units in June. Toyota Vios continued to be its best-selling model in July, contributing about 34% of total sales.

“The improved sales in July was mainly due to the sales tax exemption announced by the government on June 5 effective from June 15 to Dec 31,2020, ” UMW said.

It added that Perodua sales rose by 9.2% to 23,203 vehicles in July, from 21,250 units in June.

“July marked Perodua’s highest monthly sales for the year. Perodua is also increasing production at its assembly plants to meet the strong demand, ” UMW said in a statement.

Despite the disruptions to sales earlier this year from the Covid-19 pandemic, UMW acting president and group chief executive officer Azmin Che Yusoff (pic below) said both UMWT and Perodua staged a strong recovery, especially from the sales registered in July.

“We are thankful to the government for introducing economic stimulus packages and implementing sales tax exemption to boost the automotive industry. With these measures, we are confident of achieving our sales targets for the year, ” he added.

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UMW , Toyota , Perodua , Vios , car sales ,

   

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