Malaysia’s EV sales ‘stagnate’ as high prices, inadequate charging points hinder adoption
- Prime Minister Anwar Ibrahim wants 15 per cent of all vehicles on Malaysian roads to be EVs by 2030, but lack of cheaper models could hobble the target
- Industry executives say subsidies, boosting charging infrastructure and rolling out more affordable versions key to nudge cost-sensitive buyers to make the switch
Malaysia’s car market saw a bumper 2023 with total sales surging nearly 11 per cent annually. EVs, however, accounted for just 10,159 units, barely more than 1 per cent of the nearly 800,000 new vehicles that hit the road last year, according to data from the Malaysian Automotive Association (MAA).
“Sales have hit stagnation,” said David Tiah, a senior engineer with Smart Malaysia, which was among dozens of car makers making a case for their EV offerings at the five-day Malaysia Autoshow 2024 which opens on Wednesday.
“The main thing for consumers would be affordable EVs. A lot of people say they would buy an EV if it’s within 70,000 ringgit to 80,000 ringgit (US$14,941 to US$17,066). Anything over 100,000 ringgit is just too pricey for them.”
The costs of converting to an EV are a sticking point across the region.