Malaysia’s total industry volume (TIV) recorded an all-time high of 799,731 units in 2023 versus 721,177 units sold in 2022, the Malaysia Automotive Association (MAA) said.
Its president Mohd Shamsor Mohd Zain said the 11 per cent year-on-year hike was propelled mainly by the passenger cars sub-segment, amid a resilient domestic economy and stable socio-political environment.
He said sales growth was also due to tax-free incentives, new launches including electric vehicles with competitive prices and an improved industry supply chain environment.
“The industry’s sales growth last year marked the second annual gain since the downturn in 2020-2021 as a result of the Covid-19 pandemic.
“It was also the second consecutive year the TIV exceeded the 700,000-unit mark,” he told a press conference in Petaling Jaya today (Jan 16).