Passenger EV Sales In Malaysia To Surge In 2023 - Fitch Solutions

According to a research released on Wednesday (November 30), passenger EV sales would climb by 45.6% in 2023, reaching an annual sales volume of roughly 4,449 units.

“We expect plug-in hybrid electric vehicles (PHEVs) to lose market share in 2023, as the introduction of more battery electric vehicles (BEVs) offer consumers additional models to choose from.

Photo credit: Theedgemarkets

According to Fitch Solutions, Malaysia has announced efforts to promote and stimulate EV adoption through incentives.

It stated that an EV road tax exemption has now been established, as well as an RM2,500 incentive for consumer purchases of EV charging infrastructure.

Furthermore, it stated that a 100% decrease in import duties on fully built-up EVs has been implemented through December 31, 2023.

Due to the intrinsically high taxes on importing automobiles into the country, completely knocked-down EVs will be eligible for duty suspension until December 31, 2025, as well as sales tax and excise duty exemptions, which will further improve consumer affordability.

According to Fitch Solutions, Malaysia is well positioned to grow battery pack assembly as current firms in the nation take advantage of potentially increasing demand for batteries as automakers ramp up their EV offers.

Source: Theedgemarkets