Malaysian Auto Market Hits Brakes in October 2024 as Sales Slip

By The Malketeer

Challenging Economic Headwinds

The Malaysian Automotive Association (MAA) has reported a 4% decline in new vehicle sales for October 2024 compared to the same period last year.

Total industry volume (TIV) reached 69,859 units, down from 76,173 units in October 2023.

The association noted that passenger vehicle (PV) sales saw a 6% year-over-year drop, with 64,322 units sold versus 68,721 units in October 2023.

Commercial vehicle (CV) sales fared even worse, plummeting 26% to 5,537 units from 7,452 units.

Promotional Campaigns Boost September Figures

However, the MAA pointed out a silver lining – October’s TIV was actually 20% higher than September 2024’s figures of 58,032 units.

“The higher TIV was driven by longer working month and year-end promotional campaigns by car companies,” the association said in a statement.

Year-to-Date Growth, but Headwinds Persist

Looking at the broader picture, the Malaysian auto market has managed to eke out 2.4% growth in the first 10 months of 2024, reaching 664,002 units compared to 648,130 units in the same period last year.

Passenger vehicle sales led the charge, increasing 5% to 608,225 units.

Conversely, commercial vehicle sales declined 16% to 55,777 units.

Production Figures Also Down Year-on-Year

On the production front, the industry saw a 4% year-over-year dip in October, with 71,196 vehicles manufactured compared to 74,191 units in the same month of 2023.

This included a 4% drop in passenger vehicle production to 66,906 units, and a 9% decline in commercial vehicle output to 4,290 units.

Year-to-date, total production rose 4% to 664,246 units, with PV output up 4% to 626,364 units and CV production down 6% to 37,882 units.

Brighter Outlook for November

Looking ahead, the MAA expects sales momentum to continue in November 2024, forecasting higher volumes compared to October.

This cautiously optimistic view suggests the Malaysian auto market may be weathering the current economic headwinds, though challenges persist.

Automakers will need to carefully navigate promotional strategies and product mixes to drive sustainable growth in the months ahead.