ASEAN EV market to hit 2.7 billion USD by 2027: Malaysia’s minister
Kuala
Lumpur (VNA) - The ASEAN electric vehicle (EV) market is projected to reach 2.7 billion USD by 2027, more than five times higher than 500 million USD in 2021, Malaysian
Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz has said.
In
his opening remarks at E-Mobility Asia 2023 in Kuala Lumpur on November 22, Zaful
said that Malaysia has many competitive advantages to attract additional
high-value investments thanks to the development of a comprehensive ecosystem
for the EV industry and new generation vehicles.
Malaysia
targets having EV and hybrid vehicles account for 20% of new car sales by 2030,
50% by 2040 and 80% by 2050.
Malaysia
has developed a robust electrical and electronics (E&E) sector over the
past 50 years, particularly
in semiconductor, which has solidified its position in the global supply chain.
Referring
to national-branded EVs, he expected the first car to be launched in 2025 and
believed that Malaysia will be able to achieve the goal of providing 10,000 EV
charging stations nationwide at the same time.
He also expressed a hope to
collaborate with member countries such
as Thailand, Vietnam, Singapore, the
Philippines or Indonesia to complement each
other’s strength and capitalise on supply chains that have been shifted
directly to ASEAN./.