According to the latest report released today by the Malaysian Automotive Association (MAA), the local automotive industry experienced a decline in new motor vehicle sales in April 2023, following three months of consecutive volume growth. The total number of registered units in April was 46,583.
In April 2023, the Total Industry Volume (TIV) decreased by 41% compared to the industry’s all-time high of 78,849 units achieved in March 2023. This decline in TIV can be attributed to the conclusion of the PENJANA Sales Tax exemption scheme and a shorter working month due to the Hari Raya Aidilfitri holidays.
Despite the decline in April, the overall total vehicle registration for the year-to-date period ending in April 2023 reached 239,183 units, which is still 10% higher than the corresponding period in 2022, when 217,452 units were registered.
Likewise, production figures for April 2023 decreased to 41,160 units compared to 76,069 units in March 2022.
Looking ahead to May 2023, the MAA predicts a slight recovery in vehicle sales. This is expected due to the resolution of supply chain issues and the longer working month.
Source: MAA: 46,583 new vehicles sold in April 2023, big drop from March due to SST exemption expiration