Government incentives, rising fuel prices drive Malaysia’s EV sales
[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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Asean
Asean can enhance clean energy trade, align climate reporting standards: Grace Fu
Malaysia set to extend rate pause as ringgit outperforms peers
Made-in-Indonesia rule threatens Jokowi’s move up value chain
SpaceX’s unit Starlink secures Indonesia operating permit
Axiata, Sinar Mas seek permission for Indonesia telco merger, minister says
Malaysia’s stock market capitalisation hits record high of RM2 trillion