MAI reports 2014 TIV at 666k units
Car companies in Malaysia sold a combined total of 665,675 vehicles in 2014, according to En. M. Madani Sahari, CEO of the Malaysia Automotive Institute (MAI), who disclosed the figure at a review & insight session organized by the institute today.
The numbers add up to a 1.5% market growth compared to 2013’s volume of 655,793 vehicles. Perodua and Proton continue to lead the charts, accounting for 46.8% of total industry volume (TIV), although closer inspection reveals both companies actually shed market share to imported brands, most notably to Honda, which upped its market share by 3.7%. Arch rivals Toyota made gains as well, pushing past the 100k mark again after dropping to 91,185 units in 2013.
Moving forward, Madani announced that the institute’s bold prediction that 2015’s TIV will grow by 5.1% from last year’s volume, hitting 700,000 units for the first time in our history. He went on to elaborate that a TIV as high as 750,000 units is possible if a proposed ‘Cash for Clunkers’ scrappage scheme being initiated by the institute gains acceptance from the Government and industry players.
A major question looming over the industry’s prospects this year is the impending introduction of Goods & Services Tax (GST) in the country by April this year. When asked about the potential impact of GST to vehicle prices, Madani speculates that consumers can expect to see a reduction of 1-2% taking into account the fact that the GST’s 6% is lower than 10% in the currently implemented sales tax, but that vendors along the supply chain are being taxed as well.
In closing, Madani also revealed that MAI is seeking to push further developments in new technologies, electric mobility, and improved fuel quality in a bid to strengthen the country’s automotive industry.
