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Honda Malaysia Sets Bold 2025 Strategy with Three New Models and First BEV Launch

Honda Malaysia has unveiled its strategic vision for 2025, targeting sales of 83,000 units and a 10.6% market share. This ambitious goal is supported by the introduction of three new models, including the New Civic launched in January, as well as various brand initiatives to strengthen market engagement.

The company remains optimistic about sustained demand for its existing lineup, reinforcing its market leadership in the Non-National Passenger Vehicle Segment. Honda Malaysia also sees continued relevance in internal combustion engine (ICE) and e:HEV (hybrid) technologies, citing infrastructure readiness, consumer preferences, and technological advancements as key factors. Notably, Honda e:HEV models accounted for nearly 30% of Malaysia’s total hybrid car sales in 2024, reflecting growing acceptance of Honda’s hybrid technology.

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BYD Reports Record Sales in 2024 Amid Global Trade Tensions

BYD, China’s leading electric vehicle (EV) manufacturer, announced an impressive surge in vehicle sales for 2024, reflecting its growing dominance in both domestic and international markets. The company reported a remarkable 41.3% year-on-year increase, selling 4,272,145 vehicles compared to 3,024,417 units in 2023.

December proved particularly strong for BYD’s overseas sales, with 57,154 vehicles sold outside of China, a 58.3% increase from the same month in 2023. These figures underline BYD’s expanding global footprint despite intensifying trade disputes between China and Western nations.

Global Expansion and Challenges

As the largest EV manufacturer in China—also the world’s biggest automotive market—BYD has made significant strides in penetrating international markets. Its achievements come on the back of robust domestic growth initially supported by generous subsidies from the Chinese government.

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UMW Toyota Motor Continues Strong Sales Performance

UMW Toyota Motor Sdn Bhd (UMWT) continues its impressive performance, achieving sales of nearly 8,400 units in November 2024. This brings the total sales for the year to approximately 89,500 units. The Toyota Vios, Hilux, and Yaris were key contributors to Toyota’s sales in November, highlighting the brand’s continued appeal in Malaysia’s automotive market. Consumers prefer vehicles that offer efficiency, reliability, and advanced safety features, demonstrating Toyota’s effective Multi-Pathway approach in meeting diverse customer needs.

Commitment to Excellence: Toyota Skill Contest

UMW Toyota Motor recently held the annual Toyota Skill Contest 2024 from November 16–17 at its headquarters in Shah Alam, emphasising its tradition of nurturing excellence since 1993. With the theme “Customer Delight Through Quality Sales and Services,” the contest aimed to boost customer trust and loyalty by promoting exceptional skills and knowledge among dealer staff in sales and service roles, reinforcing Toyota’s commitment to continuous improvement and outstanding customer experiences. This annual event showcases Toyota’s ongoing dedication to customer service excellence by recognizing and motivating participants.

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Stellantis Blames Ineffective Marketing for Bad Maserati Sales

Maserati’s recent struggles, as highlighted in Stellantis’ half-year report, point to a sharp decline in sales, with customer deliveries plummeting from 15,300 units in the first half of 2023 to just 6,500 by June 2024. Carlos Tavares, CEO of Stellantis, attributed this worrying sales drop to ineffective marketing rather than issues with Maserati’s products or pricing.

This decline is particularly concerning given Tavares’ past statements, where he warned that underperforming brands within the Stellantis group could face shutdown if they fail to generate profit. While Maserati wasn’t explicitly singled out, the warning applied to all brands under the Stellantis umbrella.

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Thailand’s Car Sales Hit by Economic Slowdown and Household Debt

Domestic car sales in Thailand took a sharp dive in July 2024, registering a year-on-year decrease of 20.5%, according to the Federation of Thai Industries (FTI). The significant drop, which saw sales volumes fall to 46,394 units, is largely attributed to the country’s sluggish economic growth and mounting household debt.

The decline in car sales mirrored a 16.6% year-on-year fall in overall car manufacturing, with production numbers dropping to 124,829 units for the month.

Banks have tightened their lending requirements amid concerns over rising non-performing loans, which soared by 29.7% in July compared to the same period last year. These loans, now valued at 250 billion baht, have made it harder for potential buyers to secure auto financing. This is compounded by the nation’s household debt-to-GDP ratio, which stands at a staggering 91%.

Particularly affected were pure pickup sales, which plunged by 35.1% year-on-year, totalling just 13,167 units in July. This steep decline in the pickup segment was a key contributor to the overall drop in domestic car sales.

The Thai government’s 2024 budget allocation was delayed due to the lengthy formation of the Pheu Thai-led coalition government following the May 2023 general election. Although the budget plan was finally approved in March, the delay dampened economic activity and contributed to the prolonged slump in car sales.

As a result of the weak domestic market, the FTI has reduced its car manufacturing target for 2024 to 1.7 million units, down from the initial goal of 1.9 million units.

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Significant Profit Decline Among Major European Car Manufacturers for the First Half of 2024

Five of Europe’s largest car manufacturers recently reported a significant decline in profits for the first half of 2024. This drop is attributed to several key factors, including weak demand for electric vehicles (EVs), cost competition from Chinese manufacturers, and rising research and development (R&D) expenses.

Volkswagen Faces Major Challenges

Volkswagen’s CEO, Oliver Blume, highlighted rising costs and lower factory utilisation during a recent earnings conference. Blume stated, “We have made all the necessary technical decisions. We have implemented the relevant organisational measures. Now, our primary focus is on costs, costs, and costs.”

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Stellantis Eyes Major Decisions as Maserati Struggles

Stellantis, the multinational automotive conglomerate, is evaluating cost-cutting measures that could include the discontinuation of underperforming brands. This is especially relevant for Maserati, which has faced significant challenges recently. Here’s a detailed breakdown:

Current Situation

Sales Decline: Maserati’s global sales have plummeted by 50% year-over-year, dropping from 15,300 units in the first half of 2023 to just 6,500 units in the same period of 2024.
Financial Losses: The brand has reported an operating loss of $88.6 million for 2024. The losses are attributed to the discontinuation of key models like the Ghibli and Quattroporte sedans and the Levante SUV, along with sluggish sales of newer models like the GranTurismo and Grecale SUV.
MC20 Supercar Sales: Only 97 units of the MC20 supercar were sold in Europe last year, highlighting ongoing issues with the brand’s high-end offerings.

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BYD Expands Lead Over Tesla in Singapore, Eyes Southeast Asia Dominance

Chinese electric vehicle (EV) manufacturer BYD has widened its sales lead over Tesla in Singapore during the first half of this year, according to government data. This development highlights the competitive challenge Tesla faces from Chinese rivals in the global EV market.

Strong Growth in Singapore

BYD’s robust performance in Singapore, a relatively small but affluent auto market, underscores its ambition to dominate the Southeast Asian market. This region, where petrol car brands from Japan and South Korea are prevalent, has seen limited penetration by Tesla so far.

Regional Expansion and Strategy

BYD has already found significant success in Southeast Asia, with Thailand emerging as its largest overseas market. The company has expanded its distribution partnerships with local conglomerates, further solidifying its presence. Recently, BYD opened its first stores in Vietnam, a market where Tesla has not yet commenced vehicle sales.

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2024 Proton X50 To Boost Production, Over 8,000 Bookings In First Month

Proton has announced that the newly-launched 2024 Proton X50 has received an overwhelming response, amassing a total of 8,000 bookings within just one month since its debut in June. This positive demand has far exceeded our expectations, setting a new benchmark for its segment. Since its original debut in 2020, the Proton X50 has been Malaysia’s best-selling SUV, with 115,262 units sold up to June.

Ramp up production to meet overwhelming demand

The enthusiastic reception of the 2024 Proton X50 underscores its prominent position in the SUV market. In response to this overwhelming demand, Proton is ramping up production to expedite delivery timeline for eager customers by August 2024. All customers who are entitled for early bird promotion of RM7,000 cash discount and RM1,000/ RM1,500 trade-in support will receive it accordingly.

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Volvo Cars Reports Record Operating Profit for Q2 2024

Volvo Cars has reported an impressive operating profit (EBIT), excluding joint ventures and associates, of SEK (Swedish Krona) 8.2 billion for the second quarter of 2024. This figure represents the highest quarterly profit in the company’s history and marks a 28% increase compared to the same period in 2023.

Core EBIT Margin and Profitability

The core EBIT margin reached a record high of 8.1%, up from 6.3% last year. This improvement in profitability can be attributed to Volvo’s focus on pricing discipline, internal cost control, and sustained growth in sales.

Sales Growth and Electrification

Global retail sales for the quarter rose by 15% year-on-year to 205,400 cars, driven largely by the company’s electrified vehicle offerings. Sales of plug-in hybrids and electric cars increased by 43% compared to the same period last year. Notably, 48% of Volvo Cars’ global sales volume during the quarter consisted of plug-in hybrid (PHEV) and fully electric (EV) cars, with EVs alone accounting for 26% of sales.