MAA cuts total industry volume to 670,000 units
Published on: Wednesday, July 29, 2015
Selangor: The Malaysian Automotive Association (MAA) has cut its 2015 total industry volume (TIV) forecast to 670,000 units from an initial 680,000.Datuk Aishah Ahmad, the president, said the organisation had taken economic and environmental factors into account in its revised forecast.It includes Malaysia's Gross Domestic Product growth moderating from six per cent last year to between 4.5 per cent to 5.5 per cent in 2015.
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"The ongoing inflationary pressures, fluctuations in oil and commodity prices, fluctuating foreign exchange rates, especially the weakening of the Malaysian ringgit against major world currencies, are also among the factors," she told reporters at a press conference, here Tuesday.Stay up-to-date by following Daily Express’s Telegram channel.
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She added that subdued business optimism and moderation in consumers' spending due to economic uncertainties and increasing cost of living, also contributed to the decline.Aishah said the TIV last year marked an all-time high of 666,465 cars sold and is expected to see growth of 0.5 per cent in 2015 or an increase of 3,535 units. – Bernama