Upbeat outlook for vehicle sales

Kenanga Research said it has raised its 2023 total industry volume target by 4.3% to 720,000 units, which is more upbeat than MAA's forecast of 650,000 units.

PETALING JAYA: Vehicle sales in 2023 are expected to be sustained at record levels in the country, premised on strong reception to new launches starting with the all-new Perodua Axia 2023, a pause in the overnight policy rate (OPR) hike and the deferment of new excise duty regulations (that could result in prices of locally assembled vehicles increasing by 8% to 20%).

In a report, Kenanga Research said it has raised its 2023 total industry volume (TIV) target by 4.3% to 720,000 units (similar to TIV in 2022), which is more upbeat than the forecast of 650,000 units by the Malaysian Automotive Association (MAA).