Peter Lyon
March 14, 2024
In 2023, Honda Malaysia exceeded its annual sales target by selling over 80,000 units, maintaining its top spot in the Non-National Passenger Vehicle Segment for the tenth year in a row. Building on this momentum, the business has ambitious sales goals for 2024 in mind.
With an ambitious target, the brand plans to sell 95,000 vehicles this year, a significant 19% increase over last year. Alongside this target, there’s another one to aim for a 12.8% market share of the year’s total industry volume (TIV).
To enhance its chances of holding on to that top spot in 2024 for an 11th straight year, Honda Malaysia plans to add two new models to its already impressive inventory.
The roadmap covers a wide range of topics, such as the introduction of new products, marketing campaigns, and sustainability initiatives.
These include measures such as—raising awareness of its e:HEV hybrid technology, which in 2023 accounted for 28% of all hybrid sales; boosting advertising efforts and the promotion of Honda Insurance Plus packages; as well as extending the Honda Certified Used Car (HCUC) network to 32 sales hubs nationwide.
The CEO of Honda Malaysia, Hironobu Yoshimura, expressed excitement regarding the roadmap’s potential. “2024 will continue to be a challenging year for the automotive industry. Nevertheless, Honda Malaysia remains committed to driving success to new heights this year, built on the back of our remarkable achievements in 2023. That includes our latest milestone of retaining the No.1 position in the Non-National Passenger Vehicle Segment for the tenth consecutive year since 2014.
On top of that, we achieved last year’s sales target of 80,000 units despite the challenges in 2023. These remarkable achievements are attributable to the introductions of the WR-V, City, and all-new CR-V, all of which garnered strong market acceptance upon their respective launches.”
The e:HEV technology, one of the most useful and pertinent technologies, helped Honda further solidify its position in the market. Its popularity is demonstrated by the fact that it will account for 28% of Malaysia’s total hybrid sales in 2023, greatly accelerating the country’s xEV market expansion.
CARLIST THOUGHTS
With eye-catching new models like the WR-V, CR-V, and City, Honda seems destined to achieve its ambitious goal of 95,000 units for 2024 and hold onto that top importer spot for an 11th straight year. In terms of cost performance, Honda vehicles, especially their batch of SUVs, are hard to beat when it comes to engine performance, handling and interior comfort.
