Here’s big news for the Malaysian EV industry. Deputy minister of investment, trade and industry Liew Chin Tong said in parliament today that the government is considering a one-off subsidy for electric vehicle purchases.
The Iskandar Puteri MP said that MITI had proposed the one-off subsidy plan to boost EV ownership and the shift away from internal combustion engines. The proposal is now in the hands of the finance ministry, specifically the national EV steering committee meeting, The Edge reported.
“This proposal is currently under consideration by the finance ministry,” Liew said, adding that the plan could contribute towards reducing fuel subsidies in the longer-term.
This proposed one-off subsidy for the purchase of an EV is on top of existing carrots reserved for battery electric vehicles. In Budget 2023, it was announced that import duty and excise duty exemption for CBU imported EVs will be extended to end 2025. EVs are also free from road tax and there’s income tax relief for EV charger expenses.
This also coincides with the impending market entry of EVs from national players Perodua and Proton – click on the links to read more.
EV sales in Malaysia reached 13,257 units in 2023, bringing the total number on Malaysian roads to 16,763 units, according to the Zero Emissions Vehicle Association (ZEVA), which estimates that EV sales will reach 19,000 to 20,000 units this year.
So, how does a special cash rebate for you to buy your first EV sound? How much, you ask. In Budget 2024, it was announced that the government will give a RM2,400 rebate to encourage electric motorcycle ownership. Logically, the amount should be a fair bit more than that for cars. RM10k OK?
The post Malaysia considering one-off subsidy for EV purchase – a special cash rebate to buy your first electric car? appeared first on Paul Tan's Automotive News.
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