The global electric vehicles (EV) market was worth more than USD 165 billion in 2021 and it’s expected to be worth more than USD 434 billion by 2028. Our national car brand, Proton, is planning to come out with its own EV by 2027 and investment into Malaysia’s EV industry will likely surge in the coming years as well. Without a doubt, the world as a whole is moving towards EVs and slowly abandoning the use of fossil fuel-powered vehicles.
New Straits Times reported that a USD 422.3 million (RM 1.85 billion) cylindrical battery production base will be established in Malaysia by EVE Energy Co Ltd, a Chinese lithium battery manufacturer.
The manufacturing plant will assist companies in producing electric two-wheelers and power tools in the country and throughout Southeast Asia.
The company added the project’s construction would take place in stages over a maximum of three years.
The switch to electric cars (EVs), according to MIDA Chief Executive Officer, Datuk Arham Abdul Rahman, will be one of the most significant changes to the country’s automotive industry in decades.
The full-fledged cylindrical lithium battery ecosystem, according to Arham, is in line with the National Investment Aspirations (NIA) and National Automotive Policy 2020 (NAP2020).
This will stimulate and synergise the country’s EV ecosystem specifically for EV battery production. Equipped with highly-skilled talents and proficient technology experts, Malaysia is certainly a conducive and an ideal location for the success of EVE’s investment.MIDA, Chief Executive Officer, Datuk Arham Abdul Rahman.
EVE is considering numerous locations, including a few in Perak, for the manufacturing facility. Joe Chan, the director of EVE Energy Malaysia, claimed that the company’s objective was to offer customers high-quality batteries and EVE had grown to be the world’s top lithium primary battery brand and was ranked No. 1 in China.
From 2020 to June 2022, MIDA approved 25 projects worth RM10.69 billion in the EV and its pertinent ecosystems. These included EV assembly, EV part and component manufacturing, and EV charging components.
In other EV-related news, Malay Mail reported that the Johor state government is encouraging the local authorities (PBT) in Greater Johor Bahru to use EVs in the future because they want to become a low-carbon society and Singapore is expected to fully embrace EVs in 10 to 20 years time.
To make this plan work, they are planning to build more EV charging stations in the Greater Johor Bahru area.