Malaysian Passenger Vehicle Production and Sales Figures for November Remain Static
With November sales figures remaining almost identical to last year’s levels and production enjoying a slight boost, November was a relatively calm month for the sector. With production just a beat behind the year-to-date levels for November 2020, the stage is set to see whether December will finally match up to, or surpass last year's sales, in the latest figures released by the Malaysian Automotive Association (MAA).
Malaysian Market Stays Level for November
Looking to sales for passenger vehicles first, November 2021 is almost a carbon copy of the previous November, with 52,601 registrations against 52,289 the year before. Following through to the year-to-date statistics, 2021 is clearing lagging behind, with 392,474 registrations, against 417,522 from the year before. With no major boom expected from the MAA, it seems fairly likely to expect sales to be between 5-6% below already-weak 2020, even though companies are ramping up promotional campaigns to spur sales.
Production is a stronger arena for the area. Firstly, November was 5% stronger, with 52,661 registrations, against 50,894 for the previous November. More excitingly, there is, currently, a razor-thin decrease in production so far this year, with 396,530 for this year, against 405,838 from last year. Although it seems unlikely that production in 2021 will overtake 2020, the MAA predicts that companies will continue to work overtime to deliver vehicle backlogs for companies looking to buy for the end of the financial year.
It goes without saying that the continuing shortage of chips continues to hurt the industry. With the chip shortage affecting production, this has affected some production models. In terms of sales, consumers may have also deferred the purchase of new vehicles since the sales tax exemption incentive has been extended till 30 June 2022, which at least alludes to a more positive 2022 forecast.