Malaysian Automotive Association Reports July 2023 TIV Was Up Slightly
The Malaysian Automotive Association (MAA) reports a 1.7% month-on-month TIV increase.
The Malaysian automotive industry is growing slightly, as the Total Industry Volume (TIV) for July 2023 demonstrated a small 1.7% increase over the preceding month. According to the recent data unveiled by the Malaysian Automotive Association (MAA), this steady upward trajectory is a testament to the industry’s resilience and adaptability. The uptick in TIV is attributed to multiple factors, including the restoration of automotive supply chains and the successful fulfillment of bookings for newly launched models. Furthermore, the Total Industry Production for July 2023 has surpassed previous records, setting the stage for a promising future.
July 2023: A Month of Remarkable Achievements
The remarkable growth in TIV during July 2023 is an encouraging indicator of the Malaysian automotive industry’s strength. In comparison to June 2023, which reported a TIV of 62,593 units, July’s figures are up by 1.7%. This achievement aligns with the proactive measures undertaken by industry players to restore and optimize supply chains, ensuring a smooth flow of materials and components. Equally vital was the successful fulfillment of bookings for newly launched models, driving demand and enhancing consumer confidence.
Total Industry Production: An Unprecedented Surge
July 2023 witnessed a groundbreaking feat in Total Industry Production, with figures reaching an impressive 66,862 units. This statistic marked a substantial upswing from the 58,051 units reported in June 2023. This surge in production exemplifies the industry’s ability to adapt to evolving demands, leverage technological advancements, and streamline production processes. As supply chains stabilize and manufacturing practices evolve, the Malaysian automotive sector’s potential for growth becomes even more evident.
August 2023: A Glimpse of an Exciting Future
Anticipation is building for August 2023 as the Malaysian Automotive Association (MAA) projects another month of growth. Forecasts indicate that sales are expected to surpass the July 2023 levels, underpinned by the launch of new vehicle models and strategic promotional campaigns. Several automotive companies are gearing up to introduce new models, enticing consumers with innovative features and enhanced driving experiences. Moreover, the National Day promotional campaigns are set to infuse the market with renewed excitement, foster56ing a sense of patriotism and consumer engagement.
It’s also worth noting the arrival of Chery with the Omoda 5 and Tiggo 8 Pro priced within 5% of Proton’s competing products, the X50 and X90.
About the Author
Subhash Nair Written work on dsf.my. @subhashtag on instagram. Autophiles Malaysia on Youtube.
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