New vehicle sales in Malaysia rose by almost 11% to 71,730 units in July 2024 from 64,790 units in the same month of last year, according to registration data released by the Malaysian Automotive Association (MAA).

The vehicle market resumed its strong growth trajectory last month, after a 7% year-on-year decline in June, with sales of passenger vehicles continuing to be driven by new models and strong domestic economic growth. GDP growth accelerated to 5.9% year-on-year in the second quarter, up from 4.2% in the first quarter, driven by strong consumer spending despite the central bank having hiked its benchmark interest rate from 1.75% to 3.0% in the last two years.

The vehicle market in the first seven months of 2024 expanded by over 7% to 462,088 units from 430,966 in the same period of last year, driven by a 10% rise in passenger vehicle sales to 422,640 units while commercial vehicle sales fell by 13% to 39,448 units. Total vehicle production rose by 8% to 462,347 units year-to-date compared to 429,397 units previously.

Proton’s global sales fell by 2% to 88,799 units in the first seven months of 2024, including an estimated 1,700 exports. The Saga remained by far the company’s best-selling model with deliveries up by 9% at 42,693 units; followed by the Geely-based X50 compact SUV with 12,789 units; the Geely-based S70 sedan with 12,550 units; and the Persona sedan with 11,664 units. The automaker launched an upgraded version of the X50 model in June.

UMW Toyota Motor reported a 2% decline in combined Toyota and Lexus sales to 55,800 units year-to-date. The company launched the new 2024 Lexus LM in May, followed by the RZ450e EV and the LBX hybrid model last month.

Perodua, which has yet to release its July sales data, reported a 17% jump in first-half sales to 169,849 – driven by strong domestic demand for the Bezza model and a ramp up in exports.

Last month the MAA increased its full-year domestic sales forecast to 765,000 units, with the market now expected to decline by just 4% compared with 799,731 units in 2023, citing the country’s resilient economy, steady interest rates and a “healthy order backlogs, especially for A segment passenger cars” produced by Proton and Perodua.

"Malaysia sales bounce 11% in July" was originally created and published by Just Auto, a GlobalData owned brand.

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