MALAYSIA’s total automotive industry volume (TIV) recorded an all-time high of 799,731 units in 2023 versus 721,177 units sold in 2022, the Malaysia Automotive Association said.

President Mohd Shamsor Mohd Zain said the 11% year-on-year hike was propelled mainly by the passenger cars sub-segment amid a resilient domestic economy and stable socio-politics.

He said the growth was also due to tax-free incentives, new launches including electric vehicles with competitive prices, and an improved supply chain.

“The industry’s sales growth last year marked the second annual gain since the downturn in 2020-2021 from the Covid-19 pandemic.

“It was also the second consecutive year the TIV exceeded the 700,000-unit mark,” he told a press conference in Petaling Jaya today. – Bernama, January 16, 2024.