The Business Times
business-time-50
Asean Business logo
SPONSORED BYUOB logo
SUBSCRIBERS

Government incentives, rising fuel prices drive Malaysia’s EV sales

google-preferred-sourceAdd BT as a preferred source
Tan Ai Leng

Tan Ai Leng

Published Tue, Nov 14, 2023 · 05:00 AM
    • The US-based Tesla unveiled the first experience centre in Kuala Lumpur on Oct 19. Many were attracted to the centre to have a sneak peek of the refreshed Model 3.
    • The US-based Tesla unveiled the first experience centre in Kuala Lumpur on Oct 19. Many were attracted to the centre to have a sneak peek of the refreshed Model 3. PHOTO: GOH SENG CHONG

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    [KUALA LUMPUR] Electric cars seem to be all the rage in Malaysia these days, if the latest sales figures are any indication.

    According to fresh government data, there were 7,500 electric vehicles (EVs) sold in the first nine months of 2023 – more than double the 3,400 that were sold for the whole of last year. From 2019 to 2021, EV sales were below 300 units a year.

    Generous government incentives, hefty discounts from car dealers and the expectation that fuel costs are only going to go up further are among the main reasons why more drivers are switching to electric.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    MalaysiaElectric vehiclesNet zeroAsean BusinessAsean

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Andrew Lee, chairman of OCBC (right), and group chief executive Tan Teck Long speaking at Thursday's (Apr 16) AGM.

    Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman

    Allen & Gledhill partner Dinesh Dhillon led the legal team representing Kiri Industries throughout the decade-long dispute.

    Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute

    US President Donald Trump (left) with Chinese President Xi Jinping at a bilateral meeting on the sidelines of the Apec summit in Busan last October.

    China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result

    The yen weakened to a low of 125.33 yen per Singdollar on April 13, before recovering slightly to about 124.91 on April 15.

    Singaporeans can now buy record amount of yen per Singdollar

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More