AmInvestment Bank predicts a rise in demand for cars in Malaysia this year, driven by the upcoming salary adjustments for civil servants. The bank anticipates that the 1.5 million civil servants will see increased purchasing power, leading to higher loan approvals and a boost in sales for national carmakers Proton and Perodua.
AmInvestment Bank expects demand in the automotive sector to increase this year once the salary hike adjustments for civil servants , announced by the government in May, is made. It said this is because 1.5 million civil servants will have higher purchasing power once the revisions are completed and will thus find it easier to receive bank approval for loans.
“A higher salary automatically means a better leverage ratio and we believe car loan financiers will happily approve new loan applicants. We are confident that Perodua and Proton will enjoy greater demand as they are the most popular brands among civil servants,” the investment bank said in a sector update report released yesterday.
Details of the salary adjustment mechanism, which will allow civil servants to check and calculate their salary hike, is set to be announced on August 16.Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap.
Finance Automotive Sector Salary Hike Civil Servants Loan Approval Proton Perodua
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