Consumers To Have Wider Options For Electric Cars Next Year - Analyst

Consumers will have different options for electric vehicles (EV) when several new models are introduced in Malaysia in 2023, perhaps encouraging more to adopt such vehicles. The shift to EVs is one of the government's efforts toward reaching the country's long-term objective of becoming low-carbon.

According to RHB Investment Bank Bhd analyst Jim Lim Khai Xhiang, the EV segment remains favourable and appealing, with more EVs expected to be offered locally next year. He stated that among those who will release new EV vehicles include Chinese manufacturers such as BYD's Atto 3 and Great Wall Motor's Ora Good Cat.

He also stated that Bermaz Auto Bhd and Sime Darby Motors have the widest assortment of EVs, giving them an advantage in attracting the growing use of EVs at the local and regional levels, in addition to BMW, which is expected to provide the EV i7 and i5, as well as the XM plug-in hybrid.

"In the meantime, BYD has received thousands of orders for the Atto 3, and Bermaz will introduce the new Peugeot e-2008 EV and the Kia PBV1. Toyota will also debut its first battery-electric vehicle, the bZ4X. According to Khai Xhiang, the good rise of EVs is due to supply chain restrictions no longer being the primary issue in the automotive industry because the global shortage of automotive semiconductors is lessening.

He stated that most local producers were able to secure the essential semiconductors and components. This point, he said, was confirmed when the national automobile brand produced at nearly full capacity in the last few months, and this level is likely to continue in the future. He explained that this is due to manufacturers wanting to catch up in order to fulfil orders without sales and service tax (SST) by the end of March 2023.

Source: BH