Putting auto on the fast track

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Under the NAP 2020, the government is targeting to grow the automotive industry's contributions to 10% of GDP by 2030. Read more: NAP2020

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A crucial sector for the Malaysian economy, the automotive industry contributes just 4% to the country’s gross domestic product (GDP) currently.Malaysia Automotive Robotics and IoT Institute chief executive officer Datuk Madani Sahari says local original equipment manufacturers (OEMs) are currently contributing less than 1% each to the economy.

Boosting the automotive sector’s contribution to GDP will certainly allow the country to improve its competitiveness both in the region and globally, especially against Thailand, which many global OEMs consider the automotive hub for Asean.Thailand’s automotive industry currently contributes approximately 12% to the country’s economy.

“We have also taken into consideration the safety measures that are being embedded into newer cars and the old cars that are no longer safe.” “That forecast will not be achieved this year because annual growth was initially projected at 3.5% annually; but the local automotive industry only managed to accomplish around 1.2%, ” says Madani.On the sales outlook for 2020, the Malaysian Automotive Association (MAA) is projecting a TIV growth of less than 1% to 607,000 units.

“The present concerns that we have are the policies to excise duty hikes. It’s been held back for this year but what about beyond that? That creates uncertainty for the industry.” Last month, the government chose to postpone implementing a new formula on duties that will raise prices of completely-knocked-down (CKD) vehicles until next year, potentially saving car-buyers thousands of ringgit.

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