May 17, 2024
BANGKOK – The change in ranking is a major shift in a region that has become a key battleground for Asian automakers, the Japanese-based online news magazine noted.
The report said that Malaysia’s sales figures, which had come in third for a long time, topped Thailand’s for three consecutive quarters through January-March 2024.
According to the Malaysian Automotive Association, auto sales increased 5% in the first quarter from a year earlier to 202,245 vehicles. This followed an 11% increase in 2023 to a record 799,731 vehicles.
The jump was reportedly a result of sales tax exemptions for domestically produced vehicles, part of the government’s economic stimulus package, resulting in increasing sales of national car brands Perodua and Proton, which held about 60% of the market share.
Meanwhile, sales in Thailand have been in a slump, with a significant drop of 25% in the first quarter from a year earlier.