Chart of the Day: Number of new car registrations dropped steeply in July

But it's still above the long-term average.

Fewer new cars were registered in July, pulling the brakes on three consecutive months of breakneck growth in the number of new vehicles.

According to Maybank Kim Eng, new car registrations in July dropped to 3,176, a sharp decline from 6,999 new cars in June.

However, the average monthly new car registration for the first seven months of the year remains high at 4,139, compared to just 2,411 in 2014.

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