Malaysia Automotive Parts Exports Forecast To Grow To MYR13.03 Bln This Year-Govt Body

© Nikkei Markets

KUALA LUMPUR (Jan 18) — Malaysia’s exports of automotive parts are forecast to grow to 13.03 billion ringgit ($3.17 billion) this year after rising 4.3% to 12.1 billion ringgit in 2018, a government agency said Friday.

Exports of automotive parts and components have grown consistently from 4.7 billion ringgit in 2014 and remain on the uptrend, said Madani Sahari, chief executive of Malaysia Automotive Robotics and IoT Institute.

The export value of completely built units is also forecast to grow to 2.5 billion ringgit this year from 2.08 billion ringgit in 2018, Madani said. The automotive industry accounts for about 4.2% of Malaysia’s GDP in 2018, he added. 

– By Gan Pei Ling
– Edited By Abhrajit Gangopadhyay

Malaysian Automotive Association Sees 2019 New Vehicles Registrations At 600,000

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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

Malaysia Received 14 Proposals For Third National Car Project-Deputy Trade Minister

© Nikkei Markets

KUALA LUMPUR (Oct 17) — Malaysia’s federal government has received 14 proposals for its third national car project, the deputy trade minister said Wednesday.

The project will be entirely driven by private players, Ong Kian Ming said in parliament. 

Earlier this month, the government said it will support the proposed national car project – guided by the trade ministry – with licensing, and the scope of help will expand if the project aims to deliver a car that could be targeted at the entire Southeast Asian region, or ASEAN markets. 

– By Gan Pei Ling
– Edited By Abhrajit Gangopadhyay