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New Car Sales in July Drop by 23 Per Cent
Compared with 7,499 units in July 2021, the TIV has increased by over 650% year-on-year to 48,922.
MAA Expects Sales in August 2022 to Remain at July 2022 Levels
Based on the recent report released by the Malaysian Automotive Association (MAA), Malaysia’s new vehicle sales volume or total industry volume (TIV) in July was 23 per cent lower than June 2022 from 63,563 units (which was reported at 63,363 units originally), as compared to 48,922 units in July.
Compared with 7,499 units in July 2021, the TIV has increased by over 650% year-on-year to 48,922.
The total passenger vehicles sales came in at 43,594 units while commercial vehicles comprised 5,328 units in July. Year-to-date vehicle sales has increased to 380,595 from 256,677, representing a 48.3 per cent jump.
The exceptionally high TIV in June 2022, MAA pointed out was due to fulfilment of bookings by car companies as many of the bookings were received prior to 30 June 2022, which was the last day for the sales tax exemption incentive period. It added that shortage of chips and components continued to affect some brands.
The total number of vehicles produced was 52,061 units in July against 2,755 units a year ago and in terms of year-to-date the total vehicles produced has shot up from 244,063 units last year to 369,994 units in 2022.
Sales in August 2022 is expected to remain at July 2022 levels.