MAA: Aug 2024 Vehicle Sales In Malaysia Drops By 2%
The latest vehicle sales and production figures released by the MAA for Aug 2024.
The latest monthly sales and production figures from the Malaysian Automotive Association (MAA) are in, and it appears that vehicle sales in Malaysia for the month of Aug 2024 saw a marginal drop.
According to the association, a total of 71,162 vehicles were delivered to buyers in Aug 2024, marking a 0.8% decrease from the figures it recorded in July 2024 where 71,730 vehicles were delivered instead.
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MAA notes that Malaysian vehicle sales in Aug 2024 did slide down 0.8% compared to July 2024, but total YTD sales saw a 6% growth versus the same time frame last year.
Compared on a year-to-year basis, Aug 2024’s vehicle sales recorded by MAA stood just over 2% less than the same time frame in 2023 with a total of 72,844 vehicles delivered. Nevertheless, the year-to-date (YTD) figures instead saw some growth.
In fact, MAA notes that the YTD total vehicle sales in Malaysia currently stands as 533,201 units. This marks a 6% growth compared to the figures charted in the same time span (Jan to Aug) last year (2023), which saw 503,783 vehicles sold.
Local vehicle production saw growth instead, with Aug 2024 production growing by 9% versus Aug 2023. MAA adds that YTD production also rose by 8%.
As for production, MAA notes that a total of 73,966 vehicles were produced locally in Aug 2024, marking a healthy 9% rise compared to production figures recorded in Aug 2023. Similarly, YTD production figures also rose by 8% in the first eight months of 2024, totalling at 536,313 units.
Unlike past monthly figures announcement, MAA didn’t disclose any predictions of the sales pace for this month (Sept 2024). The association had revised its full-year forecast prior back in July where the original target of 740,000 vehicles was raised to 765,000 vehicles instead.
Based on the latest YTD figures, the industry is roughly at 70% of the way in correlation to said target, with just four months in the year left.
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