MAA REVISES UP TIV FORECAST FOR 2022 AFTER 33 PCT RISE IN H1 VOLUME

KUALA LUMPUR, July 21 (Bernama) -- The Malaysian Automotive Association (MAA) has revised up its total industry volume (TIV) forecast for 2022 to 630,000 units from 600,000 units projected earlier in anticipation of improved economy during the second half of the year.

This comes after TIV in the first six months (H1) of 2022 surged 33 per cent to 331,386 units against 249,178 units registered in the same period last year on the back of strong rebound in sales of new motor vehicles.

The MAA also attributed the performance partially to the low base effect for H1 2021 as a result of the implementation of full movement control order in June 2021.

“Following the government’s decision of not extending sales tax exemption incentive for passenger vehicles (under the PEMERKASA+ package) after June 30, there had been a strong up-tick in demand for new vehicles.

“As a result, the TIV registered in June 2022 exceeded the 60,000 units mark. At 63,366 units, it was the second highest monthly TIV achieved during the first half of 2022,” it said in a statement today.

MAA said June 2022 TIV could have been higher if not for the shortages of chips and components which had affected certain makes.

It added the introduction of new models such with latest designs and features as well as electric vehicles at affordable and competitive prices might assist to sustain buying interest.

The association also said total production volume in H1 2022 went up 31.8 per cent to reach 317,933 units from the 241,288 units recorded in the same period last year.

The much higher total production volume was because there was a total lockdown enforced by the government in June 2021, it explained, adding that this was also in tandem with the surge in demand for new vehicles.

-- BERNAMA