Malaysia is experiencing significant annual growth in electric vehicle (EV) sales, with optimism from the government for continued momentum through the end of 2023, according to Tengku Datuk Seri Zafrul Abdul Aziz, the Minister of Investment, Trade, and Industry.
With over 100,000 registered electrified vehicles to date, more than 12,000 battery electric vehicles (BEVs) have been registered since 2011, with over 9,000 BEVs registered in the current year alone, according to Bernama.
The first ten months of 2023 saw a robust 11.6% growth in vehicle sales, reaching nearly 647,000 units.
Zafrul sees EVs as a catalyst for the growth of Malaysia’s manufacturing industry exports, particularly in the electrical and electronics (E&E) sector, which contributes 40% of the country’s manufacturing sector exports.
The minister emphasised the potential of new-generation vehicles, with EVs requiring a higher number of components, including semiconductor composites and chips, offering opportunities for growth in the E&E sector.
Malaysia continues to attract EV investors, with the Malaysian Investment Development Authority (MIDA) approving 59 projects worth RM26.2 billion in the EV sector and related ecosystems between 2018 and June 2023.
To accelerate the National Energy Transition Roadmap (NETR), the Ministry of Investment, Trade, and Industry has set national targets for EV adoption: 20% of annual new car sales as electrified vehicles by 2030, 50% by 2040, and 80% by 2050.
This commitment is reflected in the National Automotive Policy (NAP2020), providing direction for the local automotive industry to prepare for the development of next-generation vehicles, including energy-efficient and environmentally friendly EVs.
