Malaysia’s automotive industry demonstrated strong resilience earlier in 2024, but a recent dip in vehicle sales indicates growing market challenges. As of Sept, a total of 1,158,707 vehicles had been sold, yet Sept alone saw a sharp drop to 119,552 units, down from 140,710 in Aug.
The industry continues to be dominated by petrol and diesel vehicles, though the steady rise of electric vehicles (EVs) is reshaping the landscape. However, recent figures suggest a slowdown.
Key September Sales Data:
Petrol vehicles
Diesel vehicles
Hybrids
EVs
Others (NGV, Gas)
Car Sales (Including MPV, Jeep, Trucks):
August
September
The EV Market: Peaks and Challenges Despite EV sales rising year-on-year from 15,669 units in 2023 to 19,444 units by September 2024, the market experienced a decline after peaking in May 2024.
The dip in sales signals two key trends:
Top-Selling Automotive Brands (Jan–Sept 2024):
Perodua remains dominant, with models like the Bezza, Axia, and Myvi collectively accounting for 14,455 units sold in Sept alone.
Tesla meanwhile led Sept EV sales with 448 units registered, followed by BYD, which sold 356 vehicles. Tesla continues to attract the most attention in this space due to special government-backed operational incentives and the expansion of Tesla’s Supercharging network. Meanwhile, brands like BYD, which initially showed strong momentum, are facing challenges in maintaining consistent monthly sales.
However, the launch of Proton’s e.MAS 7 in Dec could significantly boost EV sales, depending on how the public is educated and made aware of the overall safety and usability of EVs.
Additionally, for broader EV adoption to occur, Malaysia’s EV charging infrastructure needs urgent attention. The public charging network, which expanded from 707 chargers in 2022 to 2,020 in 2023, has only grown to 2,606 chargers to-date. This is a growth rate far below what the market requires and falls far from the government aim to realise 10,000 EV Chargers by the end of 2025.
Compounding the issue, many Charge Point Operators (CPOs) are facing high licensing costs and regulatory red tape, slowing the rollout of new stations. As a result, some larger CPOs have shifted focus to other markets, including India and Indonesia, where the pace of infrastructure development is more favourable.
Without more robust government support to reduce these barriers and accelerate the rollout of public EV chargers, Malaysia’s EV market risks stagnating.
