CEO Morning Brief

UMW Reports Lower Car Sales in April 2023

Publish date: Thu, 25 May 2023, 08:37 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 24): UMW Holdings Bhd reported lower car sales of 25,641 units in April 2023, down 21.35% from 32,600 units in the same month a year ago.

For the first four months (4M2023) of the year, its total sales came in at 129,424 units, higher than the 116,671 units sold in the same period in 2022, according to its statement on Wednesday (May 24).

Both UMW Toyota Motor (UMWT) and UMW’s associate company Perusahaan Otomobil Kedua Sendirian Bhd (Perodua) recorded healthy sales amid the Hari Raya holidays.

UMW’s president and group CEO Datuk Ahmad Fuaad Kenali said the better sales brought their combined market share to 54.15%.

“Outstanding orders for both UMWT and Perodua continue to remain strong. Based on the foregoing, we are cautiously optimistic that the automotive industry will continue to perform well in 2023,” he noted, adding that the total industry volume increased 10% in 4M2023.

UMW's top selling models were the Toyota Vios, Hilux and the Corolla Cross. It has started taking orders for the all-new Lexus RX 350 in May 2023 to refresh its model line-up.

UMW’s share price closed lower by four sen or 1.08% at RM3.67, with a market capitalisation of RM4.29 billion.

Source: TheEdge - 25 May 2023

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