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Malaysia's car industry is dominated by two local manufacturers which are heavily supported by the government through National Car Policy e.g. trade barriers. These local manufacturers are Proton and Perodua. [2] These excise duties imposed on foreign manufactured cars have made them very expensive for consumers in Malaysia.
In September, Carro announced the inception of its operations in Malaysia through a $30 million investment into the car-bidding online platform Carro Malaysia (formerly myTukar). [7] [8] In June 2021, Carro received $360 million in a C funding round which raised its valuation to $1 billion led by SoftBank.
Honda cars were assembled in Malaysia since 1969. [41] Honda Malaysia was established in July 2000 as DRB-Oriental-Honda (DOH), a three-way joint venture between Honda, DRB-HICOM and Oriental. [124] DOH was established to handle assembly, distribution and sales of Honda passenger cars in Malaysia. [124]
Car sales in Malaysia plunged from 404,000 units in 1997 to 163,851 in 1998 due to the 1997 Asian Financial Crisis. [87] Proton's revenue and profits were severely affected, but a majority market share was still maintained into the early 2000s. [88] In the mid-2000s, Proton's revenues and sales declined sharply.
The automobile manufacturer is popular in Malaysia, with the Perodua Myvi having sold 80,327 units in 2006, outselling its rival's best-selling car, then the Proton Wira, which sold only 28,886 units in Malaysia. In the period 2006–2010 Perodua was the best-selling car company in Malaysia.
The Myvi was the best-selling car in Malaysia for nine consecutive years, between 2006 and 2014, and again between the years 2018 and 2022. The Myvi has been Malaysia's best-selling car for 14 years since its first full year of sales in 2006.
Tan Chong Motor Holdings Berhad (MYX: 4405), also known as the TCMH Group or simply Tan Chong Motor (TCM) is a Malaysia-based multinational corporation that is active in automobile assembly, manufacturing, distribution and sales, but is best known as the franchise holder of Nissan vehicles in Malaysia.
Proton Waja, the first indigenously designed Proton car. The automotive industry in Malaysia is perhaps one of the freshest and most steadily growing markets, catering for needs worldwide (except for America and Continental Europe). Malaysia is the third largest South-East Asian automaker, outputting more than half a million vehicles per year.