Malaysia looks to become EV manufacturing hub in Southeast Asia

Malaysia aims to attract more electric vehicle (EV) manufacturers as it is striving to establish itself as an EV manufacturing hub for the Association of Southeast Asian Nations (ASEAN), an official has said.

Tuesday, February 20, 2024 18:54

Malaysia looks to become EV manufacturing hub in Southeast Asia ảnh 1

Malaysia is striving to become an EV manufacturing hub in Southeast Asia. (Illustrative photo: Reuters/VNA)

Hanoi (VNA) – Malaysia aims to attract more electric vehicle(EV) manufacturers as it is striving to establish itself as an EV manufacturinghub for the Association of Southeast Asian Nations (ASEAN), an official has said.

Addressing an event of the automotive industry in Kuala Lumpur on February20, Malaysian Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz highlightedfavourable conditions making his country highly conducive to supportmultinationals' regional hub ambitions.

Apart from its strategic location, goodinfrastructure, and rule of law, the country also has a highly-establishedelectrical and electronics industry which has been reliably feeding otherindustries like aerospace, renewable energy and EVs, he noted.

The official added that the regional EV market isexpected to grow at a compound annual growth rate of 33% from around 500million USD in 2021 to 2.7 billion USD by 2027./.

VNA

#Malaysia #electric vehicle #ASEAN #EV manufacturing #electronics #aerospace #renewable energy #Vietnamplus #Vietnam News Agency Malaysia

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