Malaysian new vehicle sales continued to grow strongly in January 2024, by 31% to 65,499 units from 50,168 units in the same month of last year, according to the Malaysian Automotive Association (MAA).
This followed a record 2023 when sales increased 11% to 799,731 units, making Malaysia south east Asia’s second largest auto market behind Indonesia.
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The domestic economy continued to grow strongly in the fourth quarter of 2023, with private consumption rising by 4.2% year on year despite the central bank hiking its benchmark interest rate from 1.75% to 3.0% in the last two years.
Sales last month were lifted by additional working days compared with last year, with the Lunar New Year holidays this year falling in February.
Sales of passenger vehicles rose by over 35% to 59,394 units, while commercial vehicle sales were up by 10% at 6,105 units. Vehicle production rose by 30% to 76,077 units.
The MAA said it expected vehicle registrations to fall 7% to 740,000 units in 2024 following last year’s record volume with sales of hybrid and electric vehicles amounting to 74,000 units or 10% of total sales. Battery electric vehicle sales (BEVs) were forecast to increase to 14,800 units.
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UMW Toyota Motor reported a 7.5% decline in combined sales of Toyota and Lexus vehicles to 6,276 units in January, despite the launch of a significant number of new models in the last year.
