Malaysia Commits To Attracting EV Investments

Malaysia is dedicated to attracting investments in the electric vehicle (EV) industry and meeting the national goal of electrifying vehicles, including hybrids, accounting for 15% of total industry volume (TIV) by 2030. Tengku Datuk Seri Zafrul Abdul Aziz, Minister of International Trade and Industry, stated that the country is on track to meet the target of making hybrids 38% of the TIV by 2040. According to Zafrul, the government aims to provide at least 10,000 units of public charging facilities by 2025. He added that the government is prioritising the development of the EV ecosystem, and that the Ministry of Local Government Development's Town and Country Planning Department is also working on a circular to make the approval process for charging stations at the local government level easier.

Tengku Zafrul also stated that his ministry appreciates the industry's ongoing support in producing EVs and their critical components in the country. “The ministry has also proposed additional attractive incentive packages to encourage the development of the EV ecosystem,” he added.

The minister stated that the target of making EVs account for 15% of TIV by 2030 is achievable through technological advancements, which would also help to reduce EV prices.