PETALING JAYA: The local automotive industry is on track to achieve another record year, with the total industry volume (TIV) for the year-to-date (y-t-d) in November 2024 reaching 731,534 units.
This marks a 1.4% increase from the 721,392 units sold in the same period last year.
Earlier this month, the Malaysian Automotive Association (MAA) revised its full-year TIV forecast upward to 800,000 units, from its initial target of 765,000 units.
Achieving this would surpass the record-high sales of 799,731 units recorded in 2023.
To do so, the industry would need to sell 68,197 units in December, representing barely 1% growth compared to November’s sales.
In a statement, MAA noted that December sales are expected to outperform November, driven by “aggressive year-end promotions,” particularly by companies with financial years ending on Dec 31, 2024.
In November, TIV dropped 3.3% month-on-month to 67,532 units from 69,859 units in October.
The association attributed this decline to consumers adopting a “wait-and-see attitude” in anticipation of year-end discounts.
On a year-on-year (y-o-y) basis, November sales declined by 8% from 73,262 units in November 2023.
Passenger vehicle sales fell 6% to 62,425 units compared to 66,585 a year ago, while commercial vehicle sales experienced a sharper 24% drop to 5,107 units from 6,677 units in November 2023.
Despite the dip in November, y-t-d passenger vehicle sales rose 3% to 670,650 units from 648,257 in the corresponding period last year.
However, commercial vehicle sales contracted by 17% to 60,844 units from 73,135 units.
On the production front, November production declined 10% y-o-y to 60,927 units from 67,743 units.
However, y-t-d production grew 2% to 725,173 units compared to 708,376 units in the first 11 months of 2023.
With December sales expected to climb, the Malaysian automotive industry is poised to close 2024 on a high note.
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