The Malaysian Automotive Association (MAA) said in a statement that November’s total sales was, however, 2.4% or 1,286 units lower compared with October 2019.
Year-to-date November vehicle sales was flattish at 549,445 units compared with 550,410 units in the previous corresponding period.
On its projection for December, the MAA said sales were expected to be maintained at the same level as November’s.
READ MORE: Fewer vehicles sold in November
It said the continuation of aggressive year-end promotional campaigns, especially by a number of players that have their financial year ending on Dec 31, is expected to sustain sales for the month.
Kenanga Research, in a recent report, said it expected November vehicle sales to remain strong.
“Sales volume for November 2019 is expected to be maintained around October 2019 level on year-end promotions.
“Overall, car sales will be supported by the higher delivery of new models, including the all new Perodua Aruz, Honda HR-V facelift, Toyota Vios, Toyota Yaris, Proton X70, face-lifted Proton Persona, Iriz, and Saga and face-lifted Nissan X-Trail as well as maiden delivery of the face-lifted CX-5 and all-new Mazda CX-8.”
Earlier this month, national carmaker Proton announced that year-on-year car sales doubled to 9,643 units in November, driven by strong demand for its Saga model.
It said cumulative volume for the year stood at 89,476 units as at November, which marked a 50.1% growth in total year-on-year numbers. The car company’s market share also grew at an estimated 16.2% for the year.
Proton said November was the third consecutive month that it had sold more than 4,000 units of the Saga, having delivered 4,091 units in November.
The strong sales have been reflected in the financial performance of Proton’s parent company, DRB-HICOM BHD, which recorded a net profit of RM40.08mil for its third quarter ended Sept 30, compared with a net loss of RM11.42mil in the previous corresponding period.
Kenanga Research said it is maintaining its 2019 total industry volume (TIV) sales target at 600,000 units.
“We maintain our 2019 TIV target at 600,000 units in line with MAA’s target.
“We believe the absence of sales-boosting event such as the one-off 2018 tax holiday will be offset by exciting new launches and we have also factored in possible delays in new car launches given the backlog of pricing approvals from the authorities (three-to-five months) and tepid purchasing power.”
The MAA has maintained its 600,000 units TIV forecast for this year in light of the economic uncertainties that are expected to remain for the rest of the year.
In July, MAA president Datuk Aishah Ahmad said consumers and businesses were expected to remain cautious going into the second half of the year, adding that this would only spur aggressive promotional campaigns by local car companies.
