MAA: October vehicle sales jump 43.4% m-o-m as companies ramp up production

MAA: October vehicle sales jump 43.4% m-o-m as companies ramp up production

17 Nov 2021

The Malaysian Automotive Association (MAA) said on Wednesday total industry volume (TIV) in Malaysia rose 43.4% month-on-month (m-o-m) to 63,489 units in October this year compared with 44,275 units recorded in September.

In a statement, the association said the higher sales were underpinned by companies ramping up production and deliveries of vehicles to fulfil backlog orders, as well as a full and thus longer month of business operations nationwide.

This was the second time this year that the monthly TIV exceeded 60,000 units. The last time TIV exceeded 60,000 was March when it stood at 64,875 units.

On a yearly basis, October car sales grew 10.04% from 57,695 in 2020.

However, for the cumulative 10 months, vehicle sales fell 4.81% to 382,379 from 401,714 a year ago.

Meanwhile, total vehicle production was down 11.56% year-on-year to 65,410 units in October from 58,631 units a year earlier.

For the cumulative 10 months, total vehicle production also slipped 1.36% to 369,406 from 374,494 a year earlier.

MAA expects sales in November to be maintained at October 2021 level, as year-end promotional campaigns are likely to spur sales.

Source: The Edge Markets