PETALING JAYA: The total industry volume (TIV) had turned around to register 720,658 units in 2022, after two consecutive years in a row of declining sales.
Not only it rebounded strongly, the TIV 2022 was a new record, an all-time high TIV achieved in the history of the local automotive industry.
This represents a 41.6 per cent increase from 2021's TIV of 508,883 units.
It was also the first time the annual TIV exceeded 700,000 units mark.
The Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad said the historic high TIV recorded in 2022 can be attributed to the pent-up demand for new vehicles especially during the first half 2022.
"Besides that it was also driven by the authorities' decision to allow buyers with confirmed booking, with sales tax exemption and submitted before June 30, 2022, to register their new passenger vehicles by March 31, 2023.1.19
"This was also partly due to low base effect recorded in 2021," she said during a briefing here today.
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