The Malaysian Automotive Association (MAA) said in a statement on Tuesday that the total Industry Volume (TIV) rose 11 percent year on year, surpassing the previous highest sales result of 721,177 units achieved in 2022.
The industry's sales growth last year has marked the second annual gain since the downturn in 2020-2021 caused by the COVID-19 pandemic.
It was also the second consecutive year the TIV exceeded the 700,000-unit mark.
According to the MAA, the stellar performance in 2023 can be attributed to a number of factors including fulfillment of tax-free car bookings received, resilient domestic economy, new model launches and improved industry supply chain environment.
Meanwhile, the total industry production (TIP) of new vehicles in 2023 increased by 10 percent to reach a total of 774,600 units compared to 702,275 units in 2022.
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