PETALING JAYA: The automotive sector was among the biggest winners of the government stimulus plans, turning 2020 into a banner year for the segment, despite the unprecedented economic challenges following the Covid-19 pandemic.
Against all odds, the domestic car manufacturers outperformed market projections from earlier in the year and managed to pull in record sales, underpinned by government incentives and new model launches as volume growth drivers.
Sales of vehicles in June 2020 was higher at 44,695 units from 42,586 units in June 2019.
For the first half of 2020 (H1), total industry volume (TIV) stood at 174,675 units, still a 41.1% decline from 296,317 units in H1 of 2019.
As the country entered H2, the Malaysian Automotive Association revised its TIV projections for the whole year to an estimated 470,000 units from its previous estimates of 400,000 units.
This, according to industry observers, is still a respectable figure, given the challenging economic climate and new normal operating procedures brought about by Covid-19. — Bernama