KUALA LUMPUR (March 3): Malaysia's automotive exports reached a new high last year at RM15.45 billion, where exports of parts and components increased to RM13.7 billion from RM12.1 billion in 2018.
According to the Malaysia Automotive, Robotics and IoT Institute (MARii), besides the growth in exports, domestic production volume also increased, with total production volume (TPV) in 2019 increasing to 571,632 units, for a TPV to total industry volume (TIV) ratio of 95%, the highest recorded figure since 2014.
This signifies that the industry's capabilities continuously meet consumer and industry demands through local assembly, said MARii. The industry's TIV in 2019 was 604,287 units.
Exports of remanufactured parts and components also recorded an increase to RM722 million in 2019.
Interest towards energy efficient vehicles (EEV) has also increased drastically, with EEV penetration recorded an all-time high of 87.58%, signifying the public's interest and demands for futuristic powertrains, fuel savings and carbon emission reduction.