Malaysia sales jump in July - Just Auto
fueled by robust economic expansion within the country
According to data released by the Malaysian Automotive Association (MAA), the number of new vehicles sold in Malaysia increased by 28% in July 2023, reaching a total of 63,676 units. This figure showcases a significant jump from the 49,934 units sold during the same period in the previous year.
The car industry has remained strong, thanks to the booming economy within the country. Despite the central bank's decision to increase interest rates and the government terminating purchasing incentives, there has been a continuous growth in the market. This year, the introduction of new car models and resolving previous issues with the supply chain have played a significant role in supporting the market.
According to a statement from the MAA, the increase in sales during July can be attributed to the regularizing of the automotive supply chains and the meeting of orders for newly released models.
Between January and July 2023, the number of vehicles sold in the market increased by nearly 13%, reaching 429,807 units. This was a significant rise compared to last year's 381,680 units during the same time period. Passenger vehicle sales experienced a remarkable growth of 14%, totaling 384,600 units. On the other hand, commercial vehicle sales only saw a modest 4% increase, reaching 45,207 units.
The manufacturing of vehicles rose by 16% to a total of 429,397 units.
The MAA recently updated its prediction for the number of units sold in the domestic market for the entire year. Now, they are forecasting a total of 725,000 units, which is just a little more than the previous record of 720,658 sales from last year. This is a higher estimate than their initial forecast, which predicted a 10% decrease to 650,000 units. The revised forecast takes into account a better-than-anticipated performance in the first half of the year and the strength of the domestic economy.
Proton's global sales have bounced back impressively by 27% to reach 90,647 units in the first seven months of 2023, compared to the weak volume of the previous year. This figure includes almost 1,200 units that were exported. The Saga continues to be the brand's top-selling model so far this year, with 39,251 deliveries, closely followed by the Geely-based X50 compact SUV, which sold 20,192 units. In May, the company introduced its first hybrid model, the Geely-based X90 SUV, and it has announced plans to launch at least one locally manufactured new energy vehicle (NEV) model every year, starting with a battery-powered model later in 2023.
UMW Toyota announced a rise in sales of 8.5% to 57,008 units so far this year. This growth was mainly driven by the release of the brand-new Vios compact sedan in March and the high demand for the Corolla Cross and Hilux models. In June, the company also introduced the Innova Zenith, which will soon be offered with a hybrid option. Furthermore, Toyota has started accepting orders for the new Alphard minibus and has exciting plans to launch the BZ4X, an electric SUV, later in the year.
