RHB ups TIV forecast to 650,000 for 2022

By GEORGE WONG | 22 September 2022

KUALA LUMPUR: RHB Research has raised its 2022F total industry volume (TIV) to 650,000 from 615,000 in light of the strong year-to-date (YTD) TIV and easing supply chain bottlenecks.

“Note that the YTD TIV of 447,000 does not include July/August figures for marques that report numbers each quarter.

“Our new TIV estimate has factored in the ongoing component shortage and potential worsening conditions from Europe’s energy crisis,” RHB said in a report.

The TIV for the first eight months of 2022 stood at 447,209 units, according to the Malaysian Automotive Association (MAA).

MAA also noted that the TIV for August was at 66,614 units, up 36% from the 48,922 vehicles sold and delivered in July 2022.

RHB said orders were gradually recovering month-on-month and should continue to do so, as consumers adapt to the post-sales and services tax prices.

“With Budget 2023 coming up, we expect the Government to provide greater clarity on the excise duty reform that is meant to be implemented in 2023.

The research house said that in line with its sustainability agenda, the Government may also introduce incentives to spur the domestic adoption and production of EVs, which may include:

> INCENTIVES to spur EV charging;
> INCENTIVES  to spur original equipment manufacturers’ local assembly of EVs; and
>  A LONGER tax-free period for the purchase of EVs.