MAA: Stable govt, resilient economy contribute to record motor vehicle sales of 799,731 units in 2023

KUALA LUMPUR, Jan 16 — The Malaysian Automotive Association (MAA) said that the country’s stable government and resilient domestic economy had contributed to last year’s record sales of new motor vehicles.

The association said 2023 was another record year for the local automotive industry after it recorded an 11 per cent rise to a new all-time high of close to 800,000 units sold.

In a statement, MAA cited a much more stable socio-political environment, following the formation of the unity government after the 15th general election (GE15) and a resilient domestic economy, as the main factors leading to the record sales figures.

MAA president Mohd Shamsor Mohd Zain congratulated the government for steering the country into a very stable socio-political environment and achieving much progress.

“Such favourable conditions have enabled businesses to thrive and succeed.

“On behalf of all MAA members, I would like to express our heartfelt and sincere appreciation to the Malaysian government for all the support and assistance rendered to the automotive industry,” he said in a statement today.

Mohd Shamsor was commenting on last year’s record year for the automotive industry with 799,731 units sold.

The latest total industry volume (TIV) figure beats the 2022 total of 721,177, itself a record. It was also the second consecutive year the TIV exceeded the 700,000 units mark.

The latest 11 per cent growth, beating the previous record, was propelled mainly by the passenger car sub-segment.

The statement also referenced the many new model launches, including electric vehicles with very competitive prices that helped to spur sales and a much improved industry supply chain environment as contributing factors.

Additionally, it said fulfilment of tax-free cars bookings received, a majority of which were registered before March 31 2023, where a substantial number of these bookings were also carried over and registered after March 31, 2023 as factors that led to a stellar industry performance.

In the year under review, both the passenger vehicles and the commercial vehicles segments registered growth in sales.

The statement said total registration of new passenger vehicles for last year rose to 719,160 units, from 642,157 units the year before. This was an increase of 77,003 units or 12 per cent.

“The high volume increase was mainly due to the strong sales performances by the two national makes.

“As a result, the combined market share of both national makes (within passenger vehicle segment) rose to 66.9 per cent or 481,300 units in 2023 compared with 65.1 per cent or 418,045 units in 2022,” read the statement.

Meanwhile, the non-national makes registered a higher sales volume of 237,860 units or six per cent growth compared to 2022 with 224,112 units.

The statement added that electrified vehicles or xEV accounted for approximately five per cent of the TIV showing a continued positive momentum for its demand.

“The xEV sales jumped by 69 per cent from 22,619 units in 2022 to 38,055 units, with 10159 units of BEV and 28055 units of hybrid vehicles.

“This year MAA believes that the xEV demand and interest will continue to grow at the back of the government support to promote its use and with more new and exciting xEV models being introduced,” read the statement.

The statement also cited a stable environment after GE15 with the formation of the unity government contributing towards a two per cent or 1,551 units growth in the commercial vehicles segment for last year to reach 80,571 units.

 

 

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