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Friday, January 21, 2011

Record 600,000 vehicles join the traffic

Record 600,000 vehicles join the traffic

BERNAMA/The Star Motoring: Wednesday, January 19, 2011 4:10 PM

PETALING JAYA:  Motor vehicle sales breached an all-time high of 605,156 units, up 12.7 per cent or 68,251 units last year vis-a-vis 536,905 units in 2009, said Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad.

The 2010 Total Industry Volume (TIV) surpassed the 2009 record of 552,316 units achieved in 2005, she told reporters after releasing the 2010 production and sales figures and outlook for 2011.

She said the industry volume is expected to grow this year by 2.1 per cent or 1,438 units to 618,000 units from 605,156 units last year.

"I must say, bearing in mind that we have a population of 27 million people, and in terms of motorisation rate we have a ratio of every four person to one car which is the same as a developed country although we are still a developing nation.

"There will be a multiplier effect from the 10th Malaysia Plan and Economic Transformation Programme's projects which would likely give a further boost to the domestic economy and create greater demand for new vehicles," she said.

However, she predicted that sales would be flat in later years.

"Minimal growth is expected to happen for the next few years and I don't think a double-digit growth like last year will happen.

"The country is already very high in terms of car ownership and the forecast has taken into account the previous revamp of the repayment period five years ago.

"Finance companies have changed the repayment period from five years to nine years, and by 2011, consumers will still have four more years of their loan to pay for their five-year-old vehicle, and we have to take into account the financial standing of consumers whether they can afford to trade in and get a new car," she said.

Aishah said the association expects the TIV to grow by one per cent to 624,000 units in 2012, 2013 to grow by 1.1 per cent to 631,000 and subsequently 2014 to grow by 1.2 per cent to 639,000 units and 2015 with 1.3 per cent growth to 647,000 units.

Frost & Sullivan, in its annual automotive outlook briefing recently, was more optimistic than MAA, predicting a higher TIV of 623,000 units this year, driven by a moderate economic outlook and additional new vehicle models which would attract consumers.

 -Bernama / The Star Online.



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