Malaysia’s trade ministry said on Wednesday, March 1, 2023, that it had approved Tesla’s application to import electric vehicles. The carmaker will sell its cars in the country, the ministry said in a statement, as demand for EVs rises across South-east Asia.
Tesla plans to set up an office in Malaysia, open service centres and build a network of Superchargers.
A market with incentives, from a low base
Malaysia has been courting EV makers. Its incentives include import-duty exemptions on completely built-up EVs, and the government has set a target of EVs, hybrids included, making up 15 per cent of total industry volume by 2030.
The perks have drawn carmakers in. China’s BYD said in December it would bring its Atto 3 flagship model and an extended-range version to Malaysia. Mercedes-Benz introduced its first locally made EV there in February 2023, according to Fitch Solutions.
Fitch expected EV sales in Malaysia to grow 82 per cent in 2023 to about 5,840 units. That is a big jump off a small base.
The wider regional race
Carmakers are increasingly looking past their home markets, and South-east Asia has turned into a new battleground. BYD and South Korea’s Hyundai Motor were finalising deals to invest in Indonesia, the region’s largest economy.
BloombergNEF counted more than 51,000 passenger EVs sold in 2022 across the six largest economies in the region, up from 16,000 in 2021. It projected sales would top 70,000 in 2023.
Sources
- Tesla to import EVs into Malaysia, set up charging network
- Tesla to import electric cars into Malaysia, set up charging network
