The implementation of targeted subsidies will help increase interest in electric vehicle (EV) ownership in the country, according to national resources, environment and climate change minister Nik Nazmi Nik Ahmad.
“Under targeted subsidies, the big thing is related to petrol. When there is targeted subsidy based on household income, users have to pay the real cost (of fuel) and most probably, many of them will switch to EVs,” he told the Dewan Rakyat.
Citing China as an example, he said EV adoption there expanded rapidly when users had to pay a high cost for fuel. “This is also one of the important factors (as to why) countries like China sees (the EV sector) expanding vary fast,” he said during the ministers’ question time session in parliament.
As Bernama reports, Nik Nazmi was replying to a supplementary question from Wong Chen (PKR-Subang), who asked if there were plans to increase the number of EVs on the road beyond the 1.5 million unit target by 2040 and adopt the approach taken by China.
According to Wong, with 23 million active vehicles in the country, the 1.5 million EV target would only amount to seven percent of that total. Hence, he wanted to know if the government saw the need to revise the EV target to 20% or 30% by 2040.
Nik Nazmi agreed with Wong, saying that there is a need for the government to review the target set earlier in order to ensure the country achieves a more meaningful objective. “Many things have changed, maybe we should (set) a higher target,” he said.
The post Targeted fuel subsidy expected to help drive up interest in EV ownership in Malaysia – Nik Nazmi appeared first on Paul Tan's Automotive News.
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