Like in the years preceding it, the unveiling of Malaysia's budget in 2022 was an important event that would shape the Southeast Asian country's economy for the following twelve months. But among the many announcements made by then-Finance Minister Tengku Zafrul, one stood out as a signal of the rul Contact online >>
Like in the years preceding it, the unveiling of Malaysia''s budget in 2022 was an important event that would shape the Southeast Asian country''s economy for the following twelve months. But among the many announcements made by then-Finance Minister Tengku Zafrul, one stood out as a signal of the ruling government''s commitment to becoming an EV leader in the region: Full exemption of import duty, excise duty, as well as sales tax for EVs until the end of 2025.
With this legislative push guaranteeing significant savings for consumers, EV showrooms nationwide are busier than before, bustling with activity in stark contrast to the lukewarm interest before the tax breaks. And although the EV industry is typically represented by usual suspects — Tesla, BMW, and Kia — Chinese-made EVs are making serious inroads into the Malaysian market.
The numbers don''t lie. In 2023, Shenzhen-based BYD was th best-selling EV brand in Malaysia. Propelled by its three hallmark models Dolphin, Atto 3, and Seal, BYD surpassed German automobile powerhouse BMW, according to data from the Malaysian Automotive Association (MAA).
Similarly, in Thailand BYD has cornered the EV market, with its Atto 3 by capturing 31% of the country''s EV market share just a year after launch.
The vehicle is feature-packed beneath the hood; the top-of-the-line Performance variant produces around 230 kW of maximum power and 360 Nm of torque with an 82.5 kWh battery pack fueling the vehicle. BYD''s early days as a battery maker shine here. The battery pack is built into the chassis using proprietary technology, making it sturdier, less prone to corrosion, and safer in the long run.
In terms of other safety features, the Seal is backed up by the advanced driver-assistance system (ADAS) for cruise control calibration and crash prevention prompts.
All of these and more for the price of 199,800 RM (around 42,000 USD). The cheaper Performance model starts at 179,800 RM (around 38,000 USD). Comparatively, the Model 3''s Standard range is priced from 189,000 RM (around 40,000 USD)
So, while an entry level Tesla may be marginally cheaper, a higher-end Chinese EV might actually be better value for money. For most Malaysians that''s a strong enough proposition to sign on the dotted line.
"It''s just a great deal, really. I get that Tesla is a famous brand but what I want is a car that truly gives me the bang for my buck," said Steven Goh, a marketing manager in KL eagerly awaiting the delivery of his pre-ordered BYD Seal.
Goh was deciding between the Model 3 and the Seal, and test drove both vehicles. He ultimately chose the latter after months of deliberation. "Don''t get me wrong, the Model 3 is a beautiful and functional car, but I thought that for the amount I was paying, it didn''t satisfy my wants in my first EV. The features, the space, the design, and after-service benefits. The Seal ticked all the boxes. It''s a logical choice," he said.
Despite its price-to-value USP (unique selling point), the BYD Seal isn''t an entry-level EV. By crossing the 150,000 RM threshold, it''s considered a splurge for the common Malaysian. This is where brands like Ora and Neta fill the gap. The funky, pastel-colored Ora Good Cat starts at 113,800 RM (around 24,000 USD) for the base model while the Neta V hatchback is priced at 100,000 RM (around 21,000 USD), making it the cheapest EV in Malaysia at the time of writing.
Between tax breaks, and the flood of new models from Chinese EV makers, Malaysia looks to be steering itself toward a future where owning an EV is not a luxury, but an increasingly prevalent, affordable choice.
Banner image via BYD Malaysia.
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Key regions: United States, Germany, Netherlands, China, United Kingdom
CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.
The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, "public" means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.
The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.
Leads McKinsey Sustainability''s insights team in Asia and coleads the firm''s work in tech-enabled procurement; advises and supports clients on sustainability, growth, and transformation journeys
Malaysia''s electric vehicle (EV) market is growing rapidly, with sales quadrupling in 2023. However, EVs still make up less than 2 percent of new car sales in the country. In an op-ed published by The Star in Malaysia, partner Vaibhav Dua and associate partner Vishal Devarajan explore the steps Malaysia can take to emerge as a frontrunner in the EV industry.
The article highlights several key factors that are driving growth in the Malaysian EV market, including:
Government backing: The Malaysian administration has set its sights on an EV future, aiming for 15 percent of new vehicles to be electric by 2030 and 38 percent by 2040. Plans for public charging infrastructure and tax incentives to encourage EV adoption support this vision.
Private investment: The private sector is equally committed, with over RM26 billion sanctioned for EV assembly and component manufacturing since 2018.
Electronics manufacturing base: Malaysia has a robust electronics manufacturing base, which can be leveraged to produce EV components. Malaysia is the tenth largest electrical and electronics exporter globally.
The authors also discuss some of the challenges that Malaysia faces in its quest to become an EV leader. It must expand its public charging infrastructure to alleviate charging anxiety among potential EV buyers. An ecosystem of services needs to accompany that, including financing, leasing, insurance, and maintenance, to ensure a holistic ownership experience for EV purchasers.
Malaysia is also up against formidable regional contenders like Vietnam, Thailand, and Indonesia in the race to capture a piece of the EV market, which is anticipated to be worth $50 billion by 2030. Nevertheless, by proactively tackling these challenges and capitalizing on its strengths, Malaysia can establish itself as a key player in the swiftly transforming EV arena.
Read the op-ed to learn more about Malaysia''s potential in the EV industry.
Last year, there was a major boost in the sales of electric and hybrid vehicles (xEVs) in Malaysia, nearly hitting a 70% jump. This surge is expected to keep climbing this year according to an article in Berita Harian, showing that Malaysians are really getting into these eco-friendly and fun rides.
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