Malaysia’s new car sales TIV could hit a record 750k this year, but anticipated to dip under 700k in 2024

Malaysia’s new car sales TIV could hit a record 750k this year, but anticipated to dip under 700k in 2024

New car sales in Malaysia may be on course to meet – and even surpass – the 725,000-unit total industry volume (TIV) that was forecast for 2023, but things aren’t expected to be as rosy next year.

Based on the year-to-date numbers in the first nine months of the year, the TIV this year is expected to easily meet the target and could reach the 750,000 unit mark. With three months to go, the TIV stands at 571,767 units, and all that is needed is for sales to achieve 60k units a month in the remaining quarter to get the TIV to the 750k mark.

Whatever the final figure may be, it is expected to surpass the current record of 720,658 units sold in 2022, the first time the country’s TIV breached the 700,000-unit mark.

Malaysia’s new car sales TIV could hit a record 750k this year, but anticipated to dip under 700k in 2024

However, the strong performance this year has been largely supported by high industry order backlogs of over 200,000 units, and a couple of research houses have indicated that they expect the TIV to drop in 2024, as The Edge and New Straits Times reports.

TA Securities said car sales could fall to 650,000 units in 2024 following the strong showing this year. The research house said it expected stiffer competition and competitive pricing in 2024. “Carmakers may need to offer discounts to attract budget-conscious customers,” it said in a note published today.

Hong Leong Investment Bank (HLIB) Research shared the same sentiment, saying it expects the TIV to drop after the high backlog orders of 200,000 units have been delivered.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.



  • Rakyat Malaysia on Oct 19, 2023 at 7:38 pm

    Rightfully, the ppl is brimming with full confidence again inda govt. Kudos all PH voters!

    Like or Dislike: Thumb up 4 Thumb down 7
    • Dah Menang Semua on Oct 20, 2023 at 9:01 am

      High luxury items consumption
      Means tax and fuel NO problem!

      Like or Dislike: Thumb up 2 Thumb down 0
    • stasta on Oct 25, 2023 at 7:29 pm

      70% of cars sold are junk peroduas and protons because poor Malaysians can’t afford anything better, yet are forced to buy a car because of lousy public transport

      Like or Dislike: Thumb up 0 Thumb down 0
  • WooGoo on Oct 20, 2023 at 5:03 pm

    Not enough roads to hold so many cars. Subsidised petrol burning in traffic jam.

    Like or Dislike: Thumb up 1 Thumb down 0

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