Malaysia Electric Vehicles
The Electric Vehicle (EV) market in Malaysia is relatively small but growing rapidly. According to the Malaysian Automotive Association (MAA), 2,717 EVs were sold in 2021, a significant increase from the 1,642 units sold in 2020. The EV market share in Malaysia is still relatively low, accounting for only 0.4% of total vehicle sales. However, with the Government’s goal to have 125,000 EVs on the road by 2030, the market is expected to grow in the coming years.
To promote the growth of the EV sector in the country, Malaysia’s Ministry of Investment, Trade, and Industry (MITI) introduced the Battery Electric Vehicle Global Leaders Initiative (BEV GLI). The BEV program allows foreign companies to sell cars in Malaysia without Approved Permit (AP) rules, thus making imported vehicles cheaper. This initiative aims to help boost EV demand in the local market and further promote the development of the ecosystem to support BEV adoption.
Under the Low Carbon Mobility Blueprint, the Government plans to install 10,000 charging stations by 2025. Companies contributing to building EV infrastructure in Malaysia will benefit from government incentives, such as tax breaks. This opens up opportunities for U.S. companies that can add value to the EV ecosystem in Malaysia to be part of the national’s EV roadmap.
Malaysia is home to the third-largest automotive industry in Southeast Asia after Indonesia and Thailand. The automotive sector contributed around 4%, or approximately $ 8.5 billion, to the country’s gross domestic product in 2021.
To learn about opportunities in the EV sector in Malaysia, contact Commercial Specialist Kisok Arumagam at email@example.com