Malaysia’s demand for EVs to soar in 2023

22/12/2022 19:05

Demand for electric vehicles (EVs) in Malaysia will grow significantly in 2023, driven by current incentives provided by the government as well as upcoming launches of more affordably priced EVs, according to Malaysian Automotive Association (MAA) President Aishah Ahmad.

Malaysia’s demand for EVs to soar in 2023 ảnh 1

Illustrative image (Photo: Paultan.org)

Kuala Lumpur (VNA) - Demand for electric vehicles (EVs) in Malaysia will grow significantly in 2023, driven by current incentives provided by the government as well as upcoming launches of more affordably priced EVs, according to Malaysian Automotive Association (MAA) President Aishah Ahmad.

Ahmad stressed that as of October, a total of 2,093 EVs had been registered, with Fitch Solutions projecting the figure to hit 4,449 units next year.

MAA believed that the forecast sales for 2023 can be reached, with the current tax incentives on completely knocked-down (CKD) and completely built-up (CBU) vehicles, she said.

Currently, CKD EVs are exempted from excise duties as well as sales tax, while components for local assembly of EVs are exempted from import duty until December 31, 2025. Meanwhile, CBU EVs are exempted from import and excise duties until December 31, 2024, as per what was announced in Budget 2023./.

VNA