Going into the final quarter of 2022, the Total Industry Volume (TIV) of new vehicle deliveries for the month of October was 10% lower than the month before but still above the 60,000 level. 61,002 units of vehicles were delivered nationwide, compared to 67,698 units in September.
The 61,002 units were made up of 54,498 units of passenger cars (excluding pick-up trucks) and 6,504 units of commercial vehicles, including pick-up trucks.
With 10 months completed, the cumulative TIV has reached 577,902 units, which is 51% higher than for the same period last year when 383,589 units was the cumulative total. The significant increase this year has more to do with the fact that there was an extended period of lockdowns last year, which resulted in business activities being suspended. It was only during the final quarter that things began to recover – and then the industry was hit by shortages of microprocessors and certain parts.
The strong recovery of the market this year led the Malaysian Automotive Association (MAA) revised its annual forecast upwards by 30,000 units to 630,000 units. As at the end of October, 91.7% of this target has already been reached so it is almost certain that the year’s TIV forecast will be beaten.
Each of the remaining two months of 2022 only needs deliveries of around 26,000 to meet the forecast and that should not be difficult at all. In fact, the MAA expects November sales to be around the same level as October, and December is usually a month that sees a boost too.
The production side has also seen a significant increase in output from the assembly plants this year, in spite of the shortages that have disrupted production. The situation has stabilized in the past couple of months so the factories can complete more vehicles.
The cumulative production over 10 months has reached 567,752 units, 54% higher than for the same period in 2021. As the chart shows, production during the last quarter of last year declined greatly as there were shortages of microprocessors from global suppliers and also certain parts from local suppliers affected by floods in the Klang Valley.
