Malaysia's new vehicle sales fall 8% in Nov 2024

KUALA LUMPUR: Malaysia’s new vehicle sales fell 8.0 per cent year-on-year to 67,523 units in November 2024, down from 73,262 units in the same month last year, according to the Malaysian Automotive Association (MAA).

Despite the annual decline, the total industry volume (TIV) in November was 3.3 per cent higher than October’s 69,859 units, MAA said in a statement today.

"The lower TIV was driven by consumers adopting a wait-and-see attitude ahead of year-end promotions,” the association noted.

Passenger vehicle (PV) sales in November reached 62,425 units, marking a 6.0 per cent decline from 66,585 units in November 2023.

Meanwhile, commercial vehicle (CV) sales saw a steeper drop, plunging 24 per cent year-on-year to 5,107 units from 6,677 units.

For the first 11 months of 2024, total vehicle sales increased by 1.4 per cent to 731,534 units, compared to 721,392 units in the same period last year.

PV TIV rose 3.0 per cent to 670,650 units, while CV TIV dropped 17 per cent to 60,884 units.

In terms of production, 60,927 vehicles were manufactured in November 2024, down 10 per cent from 67,743 units a year ago. This included 56,898 PVs, a 10 per cent decrease from 62,931 units, and 4,812 CVs, a 16 per cent decline from 5,744 units.

Year-to-date production grew by 2.0 per cent to 725,173 units compared to 708,376 units in the corresponding period last year. Of this, 683,262 units were PVs, up 3.0 per cent year-on-year, while CV production fell 7.0 per cent to 41,911 units.

MAA anticipates stronger sales momentum in December 2024, driven by aggressive year-end promotions, particularly from companies whose financial year ends on Dec 31.