The MAA reported that TIV for July 2024 showed a 24% increase compared to June 2024, thanks to Passenger Vehicles’ strong performance.
Sales Momentum Predicted to Continue into August 2024
The Malaysian automotive sector demonstrated resilience and growth in July 2024, as reflected in the latest production and sales data released by the Malaysian Automotive Association (MAA) on 16 August 2024.
In July 2024, the total vehicle production reached 70,295 units, marking a 5% increase from 66,862 units produced in July 2023. This growth was primarily fueled by the Passenger Vehicles (PV) segment, which saw a 6% rise in production from 62,558 units in July 2023 to 66,010 units in July 2024. Conversely, the Commercial Vehicles (CV) segment experienced a slight decline, with production dipping by 0.4% from 4,304 units in July 2023 to 4,285 units in July 2024.
Similar trend can be seen on the Year-to-date (YTD) figures where Passenger Vehicles segment experienced an upward trajectory (9 per cent) while the Commercial Vehicles production exhibited a 5 per cent dip compared to the same period last year. However, the overall number still looks promising with a 8 per cent increase from 2023.
Sales figures for July 2024 also painted a positive picture, with total vehicle sales hitting 71,730 units, an 11% surge compared to 64,763 units in July 2023. This increase was largely attributed to the strong performance of the Passenger Vehicles sector, which saw an 11% year-over-year (YoY) growth from 58,997 units in July 2023 to 65,781 units in July 2024. The Commercial Vehicles segment also saw a modest increase in sales, rising by 3% from 5,766 units in July 2023 to 5,949 units in July 2024.
On a YTD basis, total vehicle sales reached 462,088 units by the end of July 2024, a 7% increase from 430,939 units sold during the same period in 2023. Passenger Vehicles sales became the main driving force again with a 10 per cent increase while Commercial Vehicles sales dropped 13 per cent compared to last year.
The Total Industry Volume (TIV) for July 2024 was particularly impressive, showing a 24% increase compared to June 2024, when the TIV stood at 58,046 units. The MAA attributes this significant increase to a longer working month and the successful introduction of new vehicle models.
Looking ahead, the MAA predicts that sales momentum will continue into August 2024. The association expects that National Day promotional campaigns, planned by several car manufacturers, will further stimulate market activity and drive sales growth.
