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Vehicle sales in 2023 forecasted to be as good as 2022

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Vehicle sales in 2023 forecasted to be as good as 2022

After a record-breaking year of more than 720,000 vehicles sold in 2022, Kenanga Research has a positive outlook on where 2023 is headed.

In a report, Kenanga forecasts that the 2023 total industry volume (TIV) to be the same as the previous year, coming in at 720,000 units. This number is slightly higher than the 650,000 units forecasted by the Malaysian Automotive Association (MAA).

The MAA believes that the numbers will drop due to the impact of inflation on low-income groups and the expiration of sales tax exemption at the end of March this year. It is safe to say that Kenanga Research does not share the same outlook as they believe several factors will encourage rather than deter people from buying vehicles. 

One of them being Perodua’s launch of the new Axia (recently introduced on February 14),  which already has more than 44,000 units ordered. Perodua is committed to a monthly sales target of 5,700 units for the new Axia, thus (if achieved) allowing it to supersede the Myvi as the manufacturer’s most popular model.

Kenanga Research also believes that the SST exemption for new battery electric vehicles and other electric vehicle facilities incentives will also bolster vehicle sales.

The spotlight was also on UMW Holdings Bhd, as the research expects them to record a 50% - 60% rise in net profit from the Q4 2022 results coming out in the last week of February. The optimism is also supported by strong earnings in UMW’s dealership business, with an order backlog of over 250,000 vehicles.

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