PETALING JAYA: Growth in the automotive sector is expected to pick up momentum in the coming months, spurred by the sales and services tax (SST) exemption and low financing rates, following the reduction in interest rates.
This would improve auto companies’ earnings, which mostly came in weaker than expectations in the recent April to June reporting period.
“Overall, automotive players suffered from the closure of business during the movement control order (MCO), which was imposed on March 18. This was further worsened by the unfavourable foreign exchange movement following the Covid-19 outbreak.
...