Malaysia targetting 38% EV sales by 2040, 10,000 public chargers by 2025



During his speech at the launch of the BYD Atto 3 earlier today, the newly minted Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, shared the government’s plans and targets for electric vehicles (EV) adoption in Malaysia.

Notably, the senator said that his ministry is targetting a 15% total industry volume (TIV) in terms of sales for EVs and Hybrids by 2030, jumping up to 38% by 2040.

Tengku Zafrul said that the ministry is committed to not just attracting investments in terms of EVs, but also the surrounding infrastructure to support low carbon transportation. Chiefly, the ministry is aiming to achieve 10,000 public charging stations by 2025.

“The government strongly supports the EV agenda to ensure a dynamic and more sustainable future for all Malaysians. The National Automotive Policy, or NAP 2020, and Low Carbon Mobility Blueprint outline the government’s direction in the development of the nation’s EV industry,” he said.

In order to achieve these goals, MITI has created a national EV taskforce (NEVT), comprising relevant government ministries and agencies, to deliberate and review new strategies for the development of a “healthy EV industry” in Malaysia.

Currently, as part of the National Budget 2022, fully-imported EVs are exempt from import and excise duties until December 31, 2023, while locally-assembled models will continue until December 31, 2025.

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The Budget 2023 that was tabled in the Dewan Rakyat by then Tengku Zafrul himself, who was then the Finance Minister, proposed for the former to be extended until the end of 2024, however this could be further revised with the newly-elected government.

Individuals are also given income tax exemptions of up to RM2,500 on the cost of purchase, installation, rent, hire-purchase, as well as subscription fees for EV charging facilities.

To date, the Malaysian government has yet to announce a ban on internal combustion-powered vehicles. Neighbouring Thailand has announced a ban on ICE vehicles starting 2035, while Singapore is aiming to phase out ICE from 2040. Indonesia, meanwhile, has set a deadline of 2050.



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