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在线博彩平台:Vehicle sales up 53%

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PETALING JAYA: Total vehicle sales rose 53% year-on-year to 67,659 units last month, as car companies continued to fulfil bookings received prior to the expiry of the vehicle sales tax exemption on June 30, 2022.

The jump in performance was also due to less-than-ideal economic conditions last year, where businesses were just starting to recover from the Covid-19-related lockdowns, said an analyst.

“With better economic conditions, car sales for September came in within expectations,” he said.

According to data released by the Malaysian Automotive Association (MAA) yesterday, a total of 60,060 passenger cars and 7,599 commercial vehicles were sold last month.

According to a recent report by Kenanga Research, vehicle order backlogs are reaching some 400,000 units, comprising mostly vehicles of newer models that are currently out of stock.

“Not all of these, particularly new models with a waiting period of beyond 12 months (such as the Perodua Alza), will be delivered and registered before end-March 2023 to enjoy the sales and service tax exemption, despite the bookings being made prior to end-June 2022.”

Kenanga Research said this would mean total industry volume (TIV) will “not fall off the cliff” after March 2023.

“Additionally, there will be launches of new battery electric vehicles (EV) that will still enjoy the sales tax exemption and other EV facilities incentives up to 2023 for completely-built-up and 2025 for completely-knocked-down, underpinning the TIV.”

Meanwhile, MIDF Research said car companies are sitting on an implied seven-to-12 months waiting list.

“The strong order bank provides good revenue visibility for the sector moving into 2023.

“Furthermore, new bookings post the tax holiday have been holding up pretty well, with an average 20% to 30% reduction versus average monthly bookings during the tax holiday.”

MIDF Research noted that new bookings from July would likely feed into TIV from April 2023, further cementing revenue visibility from strong forward bookings.”

According to the MAA, year-to-date September vehicle sales rose more than 60% to 516,798 units from 318,827 units in the previous corresponding period.

For October, MAA said sales are expected to be maintained at last month’s level.

“Supply and chips problems are still ongoing and affecting some marques,” it said.

Meanwhile, Kenanga Research said it is unperturbed by the impact of rising interest rates on vehicle sales.

“Assuming Bank Negara is to raise the overnight policy rate (OPR) by another 25 basis points to 2.75% in November, taking the total OPR hike for 2022 to a full percentage point (from 1.75% to 2.75%), this will only raise the monthly instalment for, say, a Perodua Myvi (priced at RM60,000, with 90% financing margin and five-year tenure) by 4.6% from RM978 to RM1,023.

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