700,000 New Vehicles Still Expected To Roll Into Malaysia This Year, Says MAI

The Malaysia Automotive Institute (MAI) has maintained its total industry volume (TIV) target sales volume of 700,000 units for 2015.

At the end of June, the industry recorded 325,000 car sales and is expected to pick up in the second half of the year.

Speaking to Bernama, "We have yet to discount our target of 700,000 units for 2015," MAI Chief Executive Officer Mohamad Madani Sahari told Bernama when asked to comment on the mid-year TIV performance.

In April and May, car sales was lower than expected even after the implementation of the Goods and Services Tax (GST) which saw prices of most cars reduced due to the abolishment of the Sales and Services Tax.

For the month of June approaching the Hari Raya festive season, car makers held promotional campaigns offering deals and promotions to customers, shifting a total of 55,000 units.

"We feel that the market is adjusting to the current economic situation and sales might increase in the later part of 2015," said Madani.

MAI had earlier forecasted in March this year that the TIV figure will exceed 700,000 units, an increase of 5% compared to the year prior. In 2014, Malaysia’s TIV hit a new record of 666,465 cars sold, a 1.6% increase than in 2013.