New car sales in Malaysia dropped 44 percent month-on-month, according to the latest data from the Malaysian Automotive Association (MAA).
As expected, March 2020’s numbers were down by almost half, as MCO was implemented on 18-March. A total of 22,478 new cars (including commercial vehicles) were sold in March 2020, a drop of 44 percent (17,925 units less) from February 2020’s numbers.
Year-to-date sales for 2020 stands at 105,533 units, 26 percent less than the same three-month period in 2019.
MAA has yet to announce a revised forecast for 2020 but RHB Investment Bank had initially forecasted a 13 percent drop for 2020’s annual sales, about 80,000 units less (or 20,000 less sales for four months). This is under the assumption that MCO will be lifted by end-May.