The Total Industry Volume (TIV) for August of 2022 sat at 66,614 units – an increase of 17,692 units compared to the previous month of July at 48,922 units. The year-to-date for August was also way in the green at 63% higher compared to the same period of 2021.
Fulfilment of bookings by car companies
One of the main reasons for this steep increase was due to the fulfilment of bookings by car companies in August. These were successfully completed for a lot of the said bookings that they received prior to 30 June 2022, which was the final date of the SST tax holiday.
As most of you may already know, there was a rush of orders, bookings, and deliveries prior to 30 June 2022 following the announcement of the end of the tax exemption period. A portion of those bookings was honoured and delivered for the month of August, and it is expected that this trend will continue into the month of September as more orders are being processed.
63% increase in YTD sales volume
MAA also reported that the year-to-date (YTD) sales for August 2022 were 63% higher compared to the similar corresponding period in 2021. This indicates that the economy has greatly improved from the effects of COVID-19 in previous years, particularly in the new vehicle sales segment.
Sitting at 447,209 units so far, that’s indeed a massive number compared to 2021 which was only 274,600 units. Based on the forecast predicted by MAA at over 630,000 TIV sales by year-end, we can safely say that the trend in numbers certainly looks promising as we head into the final quarter of 2022.
While the vehicle manufacturers are still going all out to fulfill their orders and bookings, MAA also expects that the continuation of chips and components shortage will affect some brands.