MAA: Vehicle sales jump 552% to 48,922 units in July

KUALA LUMPUR: Malaysia’s new vehicle sales jumped more than six folds to 48,922 units in July compared with 7,499 units in July 2021.

The sales, however, fell 22.8% in July against 63,366 units in June 2022.

Sales of passenger vehicles (PV) accounted for 43,594 units while commercial vehicles (CV) comprised 5,328 units in July.

The Malaysian Automotive Association (MAA) in a monthly statement, said cumulatively, for the first seven months of 2022, vehicle sales rose 48.3% to 380,595 from 256,677 a year ago.

“Exceptionally high total industry volume (TIV) in June 2022 was because of fulfillment of bookings by car companies for many of the bookings received prior to 30 June 2022, which was the last day of sales tax exemption incentive period,” it said, adding that the shortage of chips and components continued to affect some makes.

In terms of total production, 52,061 vehicles were produced in July compared with 2,775 units in July 2021.

Year-to-date, total vehicle production rose to 369,994 from 244,063 a year earlier.

On the outlook, MAA said sales in August 2022 is expected to be maintained at the July-2022 level.