KUALA LUMPUR: Total industry vehicle (TIV) sales in April fell 20% to 42,746 units from March and the Malaysian Automotive Association (MAA) expects the outlook to remain downbeat in May.
It said on Friday that sales fell in April on-month due to the rush for deliveries by companies which had their financial year ending March 31.
“The changes in the sports utility vehicles (SUV) and four-by-four (4X4) excise duty structure might have affected sales,” it said
The MAA said another factor for the lower TIV could be the stringent hire purchase loan approval.
The TIV for April of 42,746 units comprised 37,741 passenger vehicles and 5,005 commercial vehicles. The April sales were 544 units higher than the 42,202 units a year ago.
As for the outlook for May, the MAA expected the sales volume to be maintained at the April level.
“Consumers are expected to continue to face difficulties in getting hire purchase loans. Consumer spending will remain cautious,” it said.
Vehicle sales drop 20% in April, cautious outlook for May