Malaysia's vehicle sales dip 10% year-on-year in March

KUALA LUMPUR: Malaysia’s new vehicle sales slid 10% to 71,052 units in March 2024 from 78,881 units in March 2023, according to the latest Malaysian Automotive Association (MAA) statistics.

Sales in March last year hit a record high, due to the fulfilment of bookings made during a sales exemption period that expired on March 31, 2023.

Commenting on sales for last month, the MAA said performance was higher month-on-month compared with February 2024 (which was at 64,290 units), due to rush for deliveries by companies having their financial year ending on March 31, 2024.

The association also said the higher month-on-month performance was due to sales being spurred by the Hari Raya festive season promotional campaigns.

Meanwhile, year-to-date sales for March 2024 were 5% higher at 202,245 units, compared with 192,615 units in the previous corresponding period.

On the outlook for April 2024, the MAA said sales performance is expected to be lower than March 2024, mainly due to the shortened working month as a result of the Hari Raya festive holidays.