Automotive Industry In Malaysia Covid 19

Nap 2020 aims to provide a clear vision for the country s automotive sector over the next decade.

Automotive industry in malaysia covid 19. Malaysia s new vehicle. Marii describes the potential impact of covid 19 on malaysia and its burgeoning automotive sector. The coronavirus covid 19 outbreak is causing widespread concern and economic hardship for consumers businesses and communities across the globe. After almost a year of guessing the latest iteration of the national automotive policy nap was finally revealed last friday.

The auto industry has seen the impact of the coronavirus crisis evolve from a supply shock to a global demand shock. The current policy will be the fourth of its kind since the first nap was introduced in 2006 under the industrial masterplan 2006 2020. The covid 19 pandemic continues to pummel the global auto industry resulting in its one of the worst performing quarter since the financial crisis of 2008. The covid 19 pandemic has had a swift and severe impact on the globally integrated automotive industry.

Symptoms include a disruption in chinese parts exports large scale manufacturing interruptions across europe and the closure of assembly plants in the united states. The automotive industry contributes significantly towards the economy of several major countries and also is considered to be the backbone of many nation s gdp. From manufacturing plants to auto shipping companies to auto sales many companies are seeing lasting ramifications from the spread of the pandemic. Fell by 22 6 to 779 151 units in march 2020 due to the global covid 19 pandemic.

The global automotive industry is expected to register steady growth over the forecast period 2019 2025. In the face of the major economic crisis facing the auto industry due to covid 19. Here are the main ways covid 19 has impacted the automotive industry. As the pandemic disrupts business as usual and throws the economic outlook into uncertainty the automotive industry is on the front line.

Leaving analysts to forecast that the automobile sector will be the next industry to be subjected to the great liquidity test. With governments having mandated various lockdown measures over the past few months both supply and demand have been affected. Covid 19 causes global auto industry running rate to dip to a historic low. Just one week after it shut its coil service centers in malaysia and thailand.