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Malaysia car sales hit record high of 799,731 units in 2023

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THE Malaysia Automotive Association (MAA) has reported that the total industry volume (TIV) of the Malaysian automotive industry rose to a record high of 799,731 units in 2023, representing an 11% increase from the 721,177 units recorded in 2022.

According to MAA President Mohd Shamsor Mohd Zain, the increase was primarily driven by the passenger cars sub-segment, following a resilient domestic economy and stable socio-political environment.

He further added that the growth was also propelled by tax incentives, new launches including competitively priced electric vehicles, and improved industry supply chain environment.

“The industry’s sales growth last year marked the second annual gain since the downturn in 2020-2021 as a result of the Covid-19 pandemic. It was also the second consecutive year the TIV exceeded the 700,000-unit mark,” he said.

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