New car prices to further increase due to weakening ringgit, according to MAA

According to the MAA, new car prices are expected to increase due to the rising cost of raw materials, the weakening Ringgit, and the prolonged chip shortage.

The increased cost (of everything) bourne by car manufacturers would likely lead to an increase in new car prices. However, it was highlighted that car manufacturers have yet to increase new car prices and are continuing to bear the costs.

What would worsen the situation is if the SST exemption for vehicle sales which ends this June is not extended, causing new car prices to rise even further.

In the same report by Berita Harian, it was also highlighted that analysis by AmInvestment Bank has pointed out that some car manufacturers have already updated their new car prices with up to a 7% increase. This could cause other car manufacturers to follow suit and increase their prices, with the rising cost of production.

Earlier this year MAA said it would take a while for local supply and production to return to normal, as local car manufacturers have been and still are severely affected by the shortage of parts and semiconductor chips.


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