The Malaysia Automotive Institute is sticking to its full-year car sales forecast of 700,000 units despite a lower-than-expected first-half total.
CEO Madani Sahari tells the government Bernama news agency sales may pick up in the later part of the year. “We have yet to discount our target of 700,000 units for 2015,” he says.
The institute predicted in March that full-year volume would top 700,000 units for a 5% rise over the record 2014 result when deliveries rose 1.6% to 666,465.
Madani says the midyear volume of 325,000 units was slightly lower than expected after sales took a hit in April and May after the replacement of the sales and services tax with a goods and services tax, even though the price of cars fell as a result.
Sales in June improved to about 55,000 units, he says, partly due to promotional campaigns by many brands.
“We feel that the market is adjusting to the current economic situation,” Madani says.
