KUALA LUMPUR: The Malaysia Autoshow 2024 (MAS 2024) is expected to generate between RM1.6 billion and RM1.7 billion in potential sales, surpassing last year’s sales of RM1.4 billion and scheduled to attract 250,000 visitors.

Investment, Trade, and Industry (Miti) minister Tengku Datuk Seri Zafrul Abdul Aziz said that last year’s achievement was a testament to the collective strength of the automotive industry in creating awareness on the products, technologies and brands that define the country’s automotive landscape.

He added that the event is a milestone in the government’s continued efforts to accelerate the growth momentum of the automotive industry, making Malaysia a regional hub for next generation vehicles, including electric vehicles (EV).

“The strategy for advancing the automotive industry in Malaysia revolves around cultivating the nation with future-oriented technologies, aiming to transform us (into) an industrial powerhouse.

“This approach centres on high technology, talents, emphasizing strategic investments in local supply chain development and innovative pursuit of new business opportunities. Furthermore, it is anticipated that the automotive sector can serve as a catalyst, generating beneficial ‘spin-offs’ that extend to the broader Malaysian economy, aligning it with global developments,“ he added.

He also lauded the talent within the local automotive community, which represents Malaysia’s ingenuity, dedication, skill and commitment to the automotive sector and their efforts ensures that the nation continues to be a force to be reckoned with in the global automotive landscape.

For the first 10 months of this year, he shared that Malaysia’s vehicle sales registered strong growth, which saw sales increased by 11.6% to almost 647,000 units. Last year, it recorded a production output of over 700,000 vehicles due to strong demand post-pandemic.

“Presently, we have more than 30 manufacturers and vehicle assemblers who benefit from Malaysia’s strong automotive ecosystem. The presence of these manufacturers have also had a positive spill over impact on the domestic supply chain, represented by the more than 600 parts and components makers in the country,“ he said during the soft launch of Malaysia Autoshow 2024 to be held from May 22 to 26, 2024.

He added that the country’s appeal towards global automotive manufacturers remain robust. Furthermore, he pointed out that the automotive industry supports over 700,000 workers in its ecosystem, accounting for more than 4.4% of Malaysia’s workforce.

“As an ecosystem, it contributes around 4% of Malaysia’s gross domestic product (GDP). By the year 2030 – our target is to achieve RM104.2 billion in GDP contribution with a total production volume of 1.47 million vehicle units,“ he said.

Touching on the New Industrial Master Plan 2030 launched recently, he pointed out that the government has identified electric vehicle (EV) as a key growth driver and Miti is committed to accelerating Malaysia’s EV revolution, which is seeing exponential sales growth.