EV sales to double in Malaysia at the end of 2023

It looks like the number of EV sales here in Malaysia is expected to double by the end of 2023, and for good reasons.

With more and more manufacturers entering the local market with their own offering of electric cars (as well as some new players like BYD and GWM), a sharp rise in registered EVs has been forecasted by the folks over at the Malaysian Automotive Association (MAA).

2,093 EVs registered as of October 2022

According to a recent post by The Star quoting MAA's president, Datuk Aishah Ahmad, a total of 2,093 EVs have been registered as of October 2022. Forecast research unit, Fitch Solutions, forecasted that there will most likely be a jump of 45.6% or 4,449 units next year.

Based on what the Director General of JPJ, Dato’ Zailani Haji Hashim, their database has recorded around 10,700 registered EVs over the years. Looking at these figures, the EV market is certainly growing at a massive rate compared to the 274 units sold earlier this year.

Tax incentives will play a huge role

The current tax incentives for EVs covering both locally assembled (CKD) and completely built (CBU) units are helping with the EV driving force. To reach the mass market, more affordable options will need to be introduced.

We're talking about EVs that can be sold below the RM100,000 mark like what most of us are expecting from the likes of BYD and its Dolphin EV model. So far, the cheapest EVs stand at around the RM150,000 mark but we will definitely see a lot more electric vehicles on the road as the price tags go down.

Exciting times ahead, folks. But, we already expected that.