Perodua continues to lead TIV despite a sluggish quarter

2015 Perodua Axia launch Perodua captures 36.3% of the estimated total industry volume of 130,000 in the first quarter of the year by registering nearly 47,200 vehicles; led by its latest best-selling model – the Perodua Axia.

Despite the estimated increase in market share, Perodua sales quarter-on-quarter declined by 17.4% from 57,200 units registered in the corresponding quarter in 2015.

On a month-to-month basis, Perodua sold 17,300 vehicles in March 2016 against 22,400 units in the same month last year, a drop of 22.8%. The drop was due to the slower pace of the economy, the increase in vehicle prices by some of the players due to a softer ringgit and the lingering effects of the GST.

“This decline is due to consumers rushing to buy their vehicles before the implementation of the Goods and Services Tax or GST in March last year,” Perodua President & CEO Dato’ Aminar Rashid Salleh remarked. “We estimated that the TIV in March 2016 fell by 29% to 47,700 from 67,300 units in the same month last year and this has resulted in Perodua’s market share increasing to 37.1% in March this year.”

Perodua’s CEO also reiterated that the numbers shared are based on the company’s internal estimation and is subjected to official figures from the Malaysia Automotive Association (MAA).

On Perodua’s after sales business, Perodua saw 515,343 intakes for the first quarter of the year, which is an increase of 7% from 481,627 intakes in the first quarter of 2015. Parts (including accessories) revenue rose 4% to RM65 million in the first quarter of 2016 from RM62.5 million in the same quarter last year.

Perodua has also produced 48,300 vehicles in the first quarter of the year against 60,100 vehicles in the same quarter of 2015. The lower production is due to some carry over stock from 2015 as well as the slower pace of the economy in the first quarter.

On exports, Perodua will gradually increase its numbers, particularly with the recently launched of the Myvi and Alza in Brunei. For the first quarter of 2016, Perodua has exported 1,600 vehicles to six (6) countries, which is an increase of 55.8% from 1,030 vehicles in the same quarter last year.  Although market share has improved, the biggest contributions come from the lower variants of the existing line-ups, hence the lower margins. “Moving forward, while there seems to be signs of economic improvement with the increase in price of crude oil plus the strengthening of the ringgit against other currencies and in particular the USD, we are of the opinion that it is still too early to be optimistic, Aminar said.

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