National carmakers expected to keep sales momentum through 2026, HLIB says

Hong Leong Investment Bank’s research unit projects that Malaysia’s domestic automakers will sustain their sales momentum through 2026, with the total industry volume forecast unchanged at 800,000 units. September 2026 registrations rose 18.4% year-on-year to 69,600 units, although a 4.2% month-on-month decline reflected consumer caution ahead of the 2027 budget and a brief maintenance shutdown at Perodua. For the first nine months, industry volume grew 4.1% YoY to 604,700 units, propelled by Proton’s 39.2% increase, Jetour’s 592.7% jump and Mazda’s 40.8% rise, while EV sales reached 53,500 units, an 8.9% share led by Proton and BYD.

Perodua and Proton together captured 66.3% of the market, up from 62.1% the previous year, with Perodua selling 247,400 units (down 3% YoY) and Proton 153,300 units (up 39.2%). HLIB warned that non-national manufacturers will face tighter competition and maintained an “Overweight” rating on the automotive sector, naming MBM Resources Bhd and Sime Darby Bhd as top picks due to their exposure to Perodua’s resilient sales.