Malaysia’s 2008 vehicle sales seen up 4.70%

MALAYSIA'S total vehicle sales are expected to rise 4.7 per cent to 510,000 units in 2008 from a year earlier, a trade body said on Tuesday.Passenger car sales are forecast to rise 4.5 per cent this year from 2007, the Malaysian Automotive Association said in its annual review of the market.“The positive sales trend since June 2007 would continue and spill over to 2008 as market conditions and consumer sentiments are favourable,” association president Aishah Ahmad said.She also told reporters that this year’s auto sales would be helped by the introduction of new models, recent pay rises for civil servants and less stringent approvals for car loans.Malaysia is Southeast Asia’s biggest passenger car market, but second to Thailand in terms of overall vehicle sales.Total vehicle sales fell 0.7 per cent to 487,176 units in 2007 from a year earlier, the association said, reflecting a slump in the first half of the year due to a tightening of credit for car finance, a lack of new models and lower used-car prices. - Reuters