Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 16): Year 2017 is expected to be the year of recovery for the beleaguered Malaysian automotive industry, as vehicle sales are foreseen to pick up, driven by improved economic stability and consumer sentiment, said iCarAsia Ltd chief executive Hamish Stone.

iCarAsia is the owner and operator of a network of automotive portals in several large automotive markets, including Malaysia, Indonesia and Thailand.

“Year to-date, vehicle sales are down by about 14% from the same period last year. It is a huge decline which we are now seeing, due to a very weak economy. The depreciation of global currencies has led to an increase in the cost of importation, and this in turn has caused changes in consumers’ buying behaviour,” Stone told reporters during a media roundtable today.

“However, there is still demand for new vehicles. Our data shows that the number of audience visiting our sites has bumped up. The economy will strengthen eventually and people are getting used to the Goods and Services Tax, therefore, we are optimistic that the total industry volume will improve next year,” he added.

When asked about his opinion on the effectiveness of the 2014 National Automotive Policy (NAP2014) in spurring sales of energy-efficient vehicles (EEVs), Stone implied there are areas for improvement, taking note that fuel efficiency is among the top considerations of car purchasers.

“There are more things that can be done to support the industry. The shift towards vehicles with low carbon emissions and good fuel economy would benefit not just the environment, but the motoring industry, as well as the country’s economy in the long-term,” he said.

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