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The Rise of Electric vehicles in Malaysia
The automotive industry in Malaysia is undergoing a significant transformation with the increasing focus on electrification. MIDF Research’s recent report highlighted the government’s commitment to supporting the electrification of the auto sector as part of its decarbonisation efforts. This aligns with the National Energy Transition Roadmap and Low Carbon Mobility Blueprint, which have set ambitious targets for xEV penetration and the establishment of charging infrastructure.
Government Policy Support
The Malaysian government’s policies are expected to play a crucial role in driving the adoption of electric vehicles (EVs) in the country. With targets set for 15 percent and 38 percent xEV penetration by 2030 and 2040 respectively, there is a clear commitment to transitioning towards cleaner forms of transportation. Additionally, the goal of having 10,000 charging points in place by 2025 will help address concerns around EV range anxiety and accessibility.
Rising Demand for xEVs
The efforts to promote electrification are already showing promising results, as seen in the significant increase in xEV sales in 2023. According to the Malaysian Automotive Association (MAA), xEV sales surged by 69 percent to over 38,000 units, accounting for approximately 5 percent of the Total Industry Volume (TIV). This strong growth in demand is indicative of the increasing acceptance and popularity of electric vehicles among Malaysian consumers.
Positive Momentum for Electric Vehicles
The continued growth in sales of electric vehicles reflects a positive momentum towards achieving the government’s targets for xEV penetration. As awareness about the benefits of EVs, such as lower emissions and reduced operating costs, continues to grow, we can expect to see an even greater shift towards electric mobility in the coming years. With ongoing policy support and the expansion of charging infrastructure, Malaysia is well-positioned to accelerate the adoption of electric vehicles and drive towards a more sustainable future.
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