Automotive market hit by first downturn in 6 years

PETALING JAYA: The Malaysian automotive market saw a decline in 2016, the first after six years of consecutive total industry volume (TIV) growth, according to the Malaysian Automotive Association (MAA).
President Datuk Aishah Ahmad said TIV fell below the 600,000 mark in 2016, also the first in six years, dropping 13% to 580,124 units last year.
"In tandem with the moderating economy, lower consumer spending and cautious business sentiment, the sales performance of the automotive industry (in 2016) was weaker than 2015," she said at a press conference to announce the market review for 2016 and outlook for 2017 here this morning.
The TIV achieved in 2016 was however in line with MAA's revised forecast of 580,000 units announced in July 2016.