Cautious stance by MAA on auto sector

PETALING JAYA: Sales and production of new vehicles are expected to undergo a minor squeeze in 2024 as compared to last year, on the back of an uncertain global economy and a slowdown in consumer spending, according to the Malaysian Automotive Association (MAA).

The unpredictability of worldwide macroeconomic conditions is exacerbated by ongoing geopolitical conflicts such as the Israel-Hamas war and the recently begun Red Sea Crisis, although the Malaysian economy is anticipated to grow by 4% to 5% this year, it said.