The Malaysian automotive industry sales are up 13% from January to April 2024 over the same period in 2023.
Malaysia’s automotive industry saw strong production and sales numbers in April 2024 according to the latest press release from the Malaysian Automotive Association (MAA). Let’s take a closer look at the key highlights:
Passenger Vehicle Production Up 40%
Passenger vehicle production soared 40% year-over-year in April to 53,857 units. For the year to date through April, passenger vehicle production is up an impressive 13% over the same period in 2023 at 253,056 units.
Commercial Vehicle Output Rises 18%
Commercial vehicle production also increased in April, climbing 18% versus April 2023 to 3,038 units produced. However, year-to-date commercial vehicle production is down 3% compared to last year at 14,270 units.
Total Auto Production Up 38%
With passenger and commercial vehicle production combined, Malaysia’s total automotive production jumped 38% in April 2024 to 56,895 vehicles manufactured. For the first four months of 2024, total production has risen 12% over 2023 levels to 267,326 units.
Passenger Vehicle Sales Growth Outpaces Production
On the sales side, passenger vehicle sales grew at an even faster 25% year-over-year pace in April to 53,253 units sold. Year-to-date passenger vehicle sales are up 11% to 238,247 vehicles.
Commercial Vehicle Sales Decline
In contrast to production, commercial vehicle sales fell 9% in April 2024 versus the prior year. For the year so far, commercial vehicle sales are down 15% compared to the first four months of 2023.
Total Auto Sales Rise 21%
Overall automotive sales in Malaysia increased 21% in April 2024 versus April 2023, reaching 57,991 units sold. Year-to-date sales are up a solid 8% over last year at 260,236 vehicles sold.
Outlook for May: Further Sales Growth Expected
Looking ahead to May 2024, the MAA release states “Sales in May 2024 is expected to be slightly higher than April 2024.” With Hari Raya festive holidays falling in April, May sales could get an additional boost.
The impressive production and sales figures show Malaysia’s auto industry is firing on all cylinders so far in 2024 after a strong 2023. There are even indications that our market’s TIV this year
