The ongoing Movement Control Order (MCO) will hit business hard, as almost all retail businesses grind to a halt.
The Malaysian Automotive Association (MAA) had originally forecasted 2020’s total industry volume (TIV) – an industry term total new vehicle sales – to be at 607,000.
RHB Investment Bank’s own forecast had originally put 2020’s TIV to be at 595,000. Last year, Malaysia's TIV was at 604,287 units.
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With car dealers selling almost zero cars for at least a month (MCO runs from 18-March to 14-April), RHB Investment has revised its forecast to just 515,000, projecting at least 80,000 units of lost sales.
This under the assumption that Covid-19 will be contained within the first half of 2020.
RHB Investment Bank also added that post the MCO, they do not foresee consumers rushing out to buy cars, and the recovery will likely be gradual.
The collapse in crude oil prices will have also put a dent in our country’s economy, which is heavily reliant on oil exports for revenue.
Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.
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