MAA Releases Production & Sales Results for 2020
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According to Malaysian Automotive Association (MAA), a higher-than-expected performance in the last quarter of 2020 helped reduce the expected decline in the total sales of the full year of 2020. On the whole, the total sales registered in 2020 were 529,434 units, a decrease of 74,847 units or 12.4% compared to 2019 with 604,281 units. Despite a double-digit drop, it was nonetheless a good achievement for the local Malaysian automotive industry given the extremely challenging environment. It was higher than what MAA had forecasted at 470,000 units. The sales tax exemption announced by the local government effective from 15 June 2020 boosted sales in the second half of the year. Production of new vehicles in 2020 also decreased 86,446 units or 15% to reach a total of 485,186 units compared to 571,632 units in 2019. The industry lost over two months of vehicles production in 2020.