© Nikkei Markets
KUALA LUMPUR (Jan 16) — Malaysian Automotive Association (MAA) expects new vehicles registrations to reach 600,000 in 2019, its president said Wednesday.
“We foresee 2019 as another very challenging year,” said Aishah Ahmad at an event. “Lot of consumers have brought their purchases during the GST tax holiday period.”
Cautious consumer sentiments, weak ringgit and delayed approvals from authorities for new models’ pricing are few factors that will hamper sales, she said. The demand for new vehicles is expected to grow 2% to 2.3% between 2020 and 2023.
“Car companies will continue with their strategy of aggressive promotional campaigns to maintain market share,” she added.
In 2018, the registration of new passenger vehicles was up 3.6% to 533,202 units, she said. The total industry volume of new vehicle sales was also up 3.8% to 598,714 units.
– By Gan Pei Ling
– Edited by Sayantika Bhowal