TAN CHONG Motor Holdings Berhad (TCM) held its quarter four financial year 2025 (4QFY25) briefing, with management noting improving trends, though the operating landscape remains challenging.
“We maintain our view that TCM will stay loss-making over our forecast period,” said MBSB Research.
In Malaysia, Nissan’s sales declined by -17.3% year-on-year (yoy) in 2025 amid a slower rollout of new models. This was partly cushioned by stronger UD Trucks sales following the mid-year launch of the new Kuzer light-duty truck.
Vietnam unit sales rose +76.7% yoy, driven by strong demand for TQ Wuling light trucks, King Long buses and GAC passenger vehicles.
“Meanwhile, Myanmar turned profitable in 2025, with unit sales rising 3.2x on steady Nissan sales and the rollout of the TQ Wuling N300P light truck,” said MBSB.
TCM launched the TQ Wuling Bingo (A-segment EV) in Dec-25, with bookings described as encouraging (1-month waiting period), although deliveries commenced gradually as production ramped up.
Based on JPJ data, 35 units were registered in Jan-26. Separately, the all-new Nissan Serena e-POWER (priced from RM155k), launched yesterday, is one of two models expected
this year to refresh the Nissan lineup and marks the first locally assembled e-POWER model. Management noted encouraging early bookings. The second e-POWER model launch is speculated to be the X-Trail.
While management did not explicitly discuss utilisation levels across all plants, utilisation could gradually improve.
“The Segambut plant may see some pickup as left-hand drive GAC GS3 EMZOOM is set to be produced for export to Vietnam starting in the second half of calendar year 2026 (2HCY26),” said MBSB.
Meanwhile, for the Segambut plant, management indicated that export opportunities for the all-new Nissan Serena e-POWER could be explored once domestic demand is met.
Recall that the locally assembled Nissan Serena S-Hybrid was exported to Thailand for the first time in late-2024.
Whereas in Da Nang, Vietnam, the plant began producing TQ Wuling light trucks for export to Myanmar late last year (about 100 units in Dec-25), and further exports are expected. —Mar 4, 2026
Main image: SG Car Mart
