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17 Aug 2018, Petia Krasteva, EMIS Editor

Malaysia’s new car sales jump 41% y/y in July

Malaysia’s new car sales jumped 41% y/y to 68,465 units in July, up from 48553 units in the same month of 2017, Business Times reported citing data by the Malaysia Automotive Association (MAA). The figure was a monthly record and analysts expect August print to break the all-time monthly record of 69,371 units seen in December 2015. The decision of incumbent Malaysian government to abolish the Goods and Services Tax (GST) from June and switch to Sales and Service Tax (SST) in September is what gave a strong boost to domestic car sales and domestic consumption this summer.

MAA also informed that local vehicle production reached 336,111 units in Jan-Jul, up by 12.3% y/y. The Association has also revised slightly down its full-year vehicle output forecast to 585,000 units to take into account the expected SST effect from September, Business Times added.

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