Malaysia's New Vehicle Sales Fall 4 Pct In Oct 2024 -- MAA

KUALA LUMPUR, Nov 13 (Bernama) -- Malaysia’s new vehicle sales fell by four per cent to 69,859 units in October 2024 compared to 76,173 units in the same month last year, according to the Malaysian Automotive Association (MAA).

However, the association noted that October's total industry volume (TIV) was 20 per cent higher than September 2024’s TIV of 58,032 units. 

"The higher TIV was driven by longer working month and year-end promotional campaigns by car companies,” MAA said in a statement today.

MAA shared that 64,322 units of passenger vehicles (PVs) were sold in October, a decline of six per cent decline from 68,721 units in the same month last year, while sales of commercial vehicles (CVs) decreased by 26 per cent year-on-year (y-o-y) to 5,537 units from 7,452 units.

As for total sales volume for the first 10 months of 2024, it grew by 2.4 per cent, reaching 664,002 units compared to 648,130 units in the same period in 2023, it said.

The TIV for PVs increased by five per cent to 608,225 units, while the TIV for CVs declined by 16 per cent to 55,777 units.

In terms of production, MAA said that 71,196 vehicles were produced in October 2024, four per cent lower than 74,191 units in the same month last year.

This included 66,906 PVs, down four per cent from 69,475 units in October 2023, and 4,290 CVs,  slid nine per cent from 4,716 units previously.

Year-to-date production stood at 664,246 units, a four per cent increase from 640,633 units produced in the same period last year, MAA said.

Of the amount, 626,364 units were PVs, which was up four per cent y-o-y while the remaining 37,882 units were CVs, down six per cent y-o-y.

Looking ahead, MAA expects sales momentum to continue in November 2024, forecasting higher sales than in October.

-- BERNAMA