MAA raises 2024 Malaysia TIV forecast to 800k units
The Malaysian Automotive Association (MAA) has raised its 2024 total industry volume (TIV) forecast for new vehicle sales in Malaysia to 800,000 units this year, Bernama reports.
This is an increase of 35,000 units from July’s 765,000-unit estimate, which in turn was an increase of 25,000 units from January’s 740,000-unit estimate. Seems we Malaysians really love our cars – are we going to beat 2023’s 799,731-unit record? Will we hit the million one day in the future?
MAA president Mohd Shamsor Mohd Zain said that the positive outlook for the coming months is driven by ongoing promotions from car manufacturers.
“Achieving the initial 765,000 target should not be an issue. In fact, I anticipate a figure slightly higher, reaching 800,000 units. The initial forecast of 765,000 units was made around May or July when we expected a dip in momentum. However, we did not fully account for backorders, especially for certain models, primarily from national car manufacturers,” he said at a press conference during the media launch of the Kuala Lumpur International Mobility Show (KLIMS) 2024.
Shamsor expects the 2025 TIV forecast to be announced in January after discussions have taken place with MAA members.
From January through October this year, 664,002 new cars found Malaysian homes – that’s 83% of MAA’s new 800,000-unit target. Two months and 136,000 units to go!
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