National Carmakers To Sustain 2026 Sales Momentum - HLIB Research

KUALA LUMPUR, Oct 20 (Bernama) -- National carmakers are expected to sustain their sales momentum into 2026, supported by Perodua’s strong position in the entry-level and affordable segments and Proton’s robust sales growth, according to Hong Leong Investment Bank (HLIB) Research.

In a note, HLIB said it has maintained its total industry volume (TIV) forecast at 800,000 units for 2026, driven by the strong performance of national original equipment manufacturers (OEMs).

"TIV increased by 18.4 per cent year-on-year (y-o-y) to 69,600 units in September 2026, primarily due to the low base effect from longer maintenance shutdowns.

"On a month-on-month (m-o-m) basis, TIV saw a 4.2 per cent decline as consumers adopted a wait-and-see approach ahead of the Budget 2027 announcement and a short maintenance shutdown during the month for Perodua," it said.

HLIB said TIV grew by 4.1 per cent y-o-y to 604,700 units in the first nine months of 2026 (9M 2026), driven by robust sales growth from Proton (39.2 per cent), Jetour (592.7 per cent) and Mazda (40.8 per cent).

Meanwhile, electric vehicle (EV) sales reached 53,500 units, an 8.9 per cent market share, largely driven by Proton and BYD.

Perodua and Proton commanded a combined market share of 66.3 per cent during the period, up from 62.1 per cent in 2025.

Perodua recorded sales of 247,400 units in the 9M 2026, down by three per cent y-o-y, but maintained its position as the market leader with a 40.9 per cent share.

Proton, meanwhile, sold 153,300 units, up 39.2 per cent y-o-y, driven by its new model line-up and competitive pricing.

HLIB added that non-national carmakers will likely remain under pressure amid intensifying competition in pricing, model design and features.

It is keeping its “Overweight” rating on the automotive sector, with MBM Resources Bhd and Sime Darby Bhd as its top picks, citing their strong exposure to Perodua’s resilient sales performance.

-- BERNAMA