Minister of International Trade and Industry Dato’ Sri Mustapa Mohamed today announced the latest interim updates on the implementation of the National Automotive Policy of 2014 (NAP 2014) to members of the press today, just a little over a year after its official announcement last January.
Reiterating the policy’s key objective is to transform Malaysia in an Energy Efficient Vehicle (EEV) hub for the region by 2020, Mustapa also recapped that focus will be placed on encouraging growth in capabilities for developing technologies for fuel efficiency, lightweight materials, telematics, tooling, and component design.
Malaysia recorded a total industry volume (TIV) of 666,465 units in 2014, growing 1.6% from 655,793 units sold in 2013. Mustapa noted that during the year, average on-the-road prices of new vehicles and variants introduced throughout the year had dropped by 7.01 percent – we failed to spot any difference. He also re-iterated the Government’s confidence that average price reduction of 20-30 percent across the board remains achievable by the end of 2017 due to competition (we are not waiting with bated breath).
Still on the subject of car prices, the long term effects of the upcoming Goods & Services Tax (GST) remain unclear, but if you