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Malaysia’s Slumping Car Market Looks for Help from New Models
Analysts say a bevy of new models due later this year may fuel a modest rebound in Malaysia's slumping car and commercial truck market, but not enough to avoid a seven-year low in volume, The Nikkei reports.
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Analysts say a bevy of new models due later this year may fuel a modest rebound in Malaysia’s slumping car and commercial truck market, but not enough to avoid a seven-year low in volume, The Nikkei reports.
The Malaysian Automotive Assn. predicts the country’s vehicle sales will fall 13% to 580,000 units this year, the poorest result since 2009. But July sales plunged 28%, and volume through the first seven months of the year was down 17% compared with the same period in 2015.
MAA blames last month’s shrinkage on the timing of festival holidays. But analysts say a soft economy, weakened job market and a rising cost of living suggest the industry’s upcoming parade of new models may not be enough to revive sales.
Carmakers have been trying to stimulate sales with discounts and price cuts. But the Malaysian Institute of Economic Research says consumer confidence remains “elusive,” The Nikkei notes.
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