Proton sees increase in market share in September

Proton’s decision to absorb the SST paid off as its overall market share grew to the highest level so far in 2018. (Bernama pic)

KUALA LUMPUR: Proton Holdings Bhd (Proton) has increased its market share in September with a 15% rise in Total Industry Volume (TIV), a new high point for the year and the highest share percentage since May 2017.

In a statement today, Proton said the overall increase in market share pointed towards Proton sales continuing to gain ground in the month on its main rivals.

“Actual percentage figures will be confirmed after official numbers are announced by the Malaysian Automotive Association but from a historical context, the results are very good.

“Year-on-year sales grew by 1% and market share by 4% over 2017, an excellent result considering the month is traditionally a slow one,” it said.

The national carmaker said further analysis pointed to the growth in market share as part of an overall trend for the company from the beginning of 2018 with a significant increase in August (14.5%) that carried over to September.

“After three consecutive months of posting record numbers in 2018, car sales in Malaysia shrank in September as the new sales and services tax (SST) came into force.

“Proton was no exception as a 36-month high of 9,501 units was followed up by sales of 4,524 units,” it said.

Proton Edar chief executive officer Abdul Rashid Musa said Proton decided to minimise the impact by absorbing the SST and its decision paid dividends as its overall market share grew to the highest level thus far in 2018.

“We predicted a drop in TIV for September because the previous three months of zero-rated goods and services tax had created an exceptional sales period for the market.

“With the rush to buy new cars over and the SST being implemented, buyers returned to their normal buying patterns but there was an over-correction in the short term,” he said.