MAA upgrades 2024 vehicle sales forecast to 765,000 units

KUALA LUMPUR: The Malaysian Automotive Association (MAA) has revised its new motor vehicle sales forecast for 2024 to 765,000 units from its previous estimate of 740,000.

President Mohd Shamsor Mohd Zain said the forecast for the total industry volume (TIV) comprises a higher number of passenger vehicles at 696,150 units and a lower number of commercial vehicles at 68,850 units versus the initial estimates of 666,000 and 74,000 units, respectively.

"Factors contributing to the higher TIV include the resilient domestic economy. Malaysia’s gross domestic product is well placed to expand within the official forecast range of four to five per cent.

"Bank Negara Malaysia's decision to maintain the overnight policy rate at three per cent is another key factor that will sustain the automotive market,” he told a press conference today.

He said the healthy backlog orders, especially in the A segment passenger cars market coupled with strong new players with more new model launches, remain key to the revised forecast.

"The MAA members’ continuation of aggressive promotional strategies and providing value-added services and more options to customers will lead to improved demand," he said

Mohd Shamsor noted that TIV for the first half of 2024 (1H 2024) rose 6.6 per cent to 390,296 units from 366,176 in the same period in 2023, with passenger cars contributing mostly to the biggest volume increase.

He added that the total industry production for 1H 2024 also grew 8.1 per cent to 392,052 units from 362,535 in 2023.

MAA also announced today that the 10th edition of the Kuala Lumpur International Motor Show would be held at the Malaysia
International Trade and Exhibition Centre (Mitec) here on Dec 5-11. It was last held in 2018.