KUALA LUMPUR: Malaysia's new vehicle sales saw an eight per cent decline in November 2024, with 67,532 units sold compared to 73,262 units during the same month in 2023.
The Malaysia Automotive Association (MAA) said the total industry volume (TIV) for November 2024 was 3.3 per cent lower than October's figure of 69,859 units.
MAA attributed the drop to consumers adopting a wait-and-see approach ahead of year-end promotions.
"TIV for year-to-date (YTD) November 2024 was 1.4 per cent higher than similar corresponding period year 2023," the association said.
Sales of passenger vehicles fell six per cent to 62,425 units in November from 66,585 units in the same month last year.
Meanwhile, commercial vehicle sales saw a sharper decline of 24 per cent, dropping to 5,107 units from 6,677 in November 2023.
Production also decreased, with passenger vehicles down 10 per cent and commercial vehicles declining by 16 per cent.
MAA expects the total industry volume (TIV) for December 2024 to surpass November's figures, driven by aggressive year-end promotions from companies closing their financial year on Dec 31, 2024.