Passenger EV Sales In Malaysia To Surge In 2023 - Fitch Solutions
According to a research released on Wednesday (November 30), passenger EV sales would climb by 45.6% in 2023, reaching an annual sales volume of roughly 4,449 units.
“We expect plug-in hybrid electric vehicles (PHEVs) to lose market share in 2023, as the introduction of more battery electric vehicles (BEVs) offer consumers additional models to choose from.
Photo credit: Theedgemarkets
According to Fitch Solutions, Malaysia has announced efforts to promote and stimulate EV adoption through incentives.
It stated that an EV road tax exemption has now been established, as well as an RM2,500 incentive for consumer purchases of EV charging infrastructure.
Furthermore, it stated that a 100% decrease in import duties on fully built-up EVs has been implemented through December 31, 2023.
Due to the intrinsically high taxes on importing automobiles into the country, completely knocked-down EVs will be eligible for duty suspension until December 31, 2025, as well as sales tax and excise duty exemptions, which will further improve consumer affordability.
According to Fitch Solutions, Malaysia is well positioned to grow battery pack assembly as current firms in the nation take advantage of potentially increasing demand for batteries as automakers ramp up their EV offers.
Source: Theedgemarkets
Gallery
Written By
Anis
Previously in banking and e commerce before she realized nothing makes her happier than a revving engine and gleaming tyres........
JPJ Running Numbers
KUALA LUMPUR
VRT8025
SELANGOR
BSU3956
JOHOR
JF6536J
PULAU PINANG
PSG4096
PERAK
APM2245
PAHANG
CFJ1046
KEDAH
KGJ4573
NEGERI SEMBILAN
NEM2719
KOTA KINABALU
SJU5389
KUCHING
QAB7493P
Last updated 14 Oct, 2026
Fuel Price
Petrol
RON 95
RM 3.97
+1.38
RON 97
RM 4.90
+1.75
RON 100
RM 7.20
+2.20
VPR
RM 8.23
+2.00
Diesel
EURO 5 B10
RM 5.12
+2.08
EURO 5 B7
RM 5.32
+2.08
Last updated 30 Apr, 2026
Related News
EV Battery Prices Expected To Fall Almost 50% By 2026
Goldman Sachs Research predicts that EV battery prices will drop by 50% by 2026.
09-10-2024
Global EV sales up 21% in July As China Records Biggest Jump Of 2024 - Report
July saw a 21% annual increase in global sales of plug-in hybrid and fully electric cars, driven by China's fastest-growing market this year.
14-08-2024
Electric Vehicles Are Becoming More Popular In US - Report
Electrified cars, including hybrids and fully electric models, are becoming more popular in the US, report says.
28-02-2024
US Revises Tailpipe Emissions Rules, Impacting EV Adoption
The US government is getting ready to loosen regulations governing tailpipe emissions, Reuters reported.
21-02-2024
Caricarz Guide To EV Warranties – What You Should Know
Here’s a quick guide on EV warranties and what you should know about them.
17-12-2023
Malaysia’s EV Market Surges, Anticipates Sustained Growth In 2024
Over 9,000 new EVs have been registered in Malaysia in 2023 alone, presenting 11.6 percent increase in the first ten months of 2023.
15-12-2023
Malaysia Is On Track To Become Automotive Hub For Asean Market
Commitment to develop Malaysia's automotive sector is critical because it has the potential to be an automotive hub for the Asean region.
27-11-2023
Indonesia Extends Electric Vehicle Incentives
Indonesia extends the deadline for electric vehicle incentives by two years.
11-08-2023
Latest News
PDRM Gets 9 Perodua SUVs. Why Ativa And Aruz This Time?
PDRM receives nine Perodua SUVs, comprising seven Ativas and two Aruz. Here's where they're going and how the two models compare.
14-10-2026
KL Police Want Better Access To 10,000 CCTV Cameras. Could More Summonses Follow?
KL Police want better access to DBKL's 10,000 CCTV cameras through a proposed command centre. Could it mean more traffic summonses for drivers?
13-10-2026
Proton AMA02 Spotted Again. Is The Ativa Rival Almost Ready?
Proton AMA02 prototypes have been spotted in Kuantan with less camouflage. Here's what we know about the upcoming Ativa rival, its launch and hybrid potential.
13-10-2026
Honda City E Brake Controversy: What Buyers Were Told Vs What They Got
Honda confirms the City E uses rear drum brakes despite an earlier spec sheet listing rear discs. Here's what Honda said and what buyers should know.
13-10-2026
Proton Hits 15-Year Market Share High As Gap With Perodua Shrinks
Proton's market share hit 23.9%, its highest since 2011, as the gap with Perodua narrowed. Here's what's driving its comeback in 2026.
12-10-2026
Chery OMODA 5 Recall: What's Confirmed, What's Not And What Owners Should Do
Chery Malaysia has announced an OMODA 5 recall as JPJ suspends new registrations. Here's what's confirmed, what's unclear and how owners can check their VIN.
12-10-2026
Budget 2027: What's Actually Changing For Malaysian Motorists And Commuters?
Budget 2027 brings fuel subsidies, MYKOMUTER50, driver assistance, EV chargers and road upgrades. Here's what Malaysian motorists need to know.
10-10-2026
BUDI Diesel: 400 Litres A Month, But How Many Owners Actually Need That Much?
Fewer than 7% of eligible owners exhausted their 400-litre BUDI Diesel quota in September. Here's what the figures reveal about actual fuel usage.
09-10-2026
Show More
trending_flat
Malaysia First Used Car and EV Consignment Platform
This is the best place to sell your car at true market value. Instead of accepting low dealer trade-ins, we handle everything and connect your car directly to genuine buyers for the highest price.
Understanding CariCarzAutomall Consignment Plan
Approved 200-Check Points Inspection
7 Day Money Back Guarantee
One Year Extended Warranty
No Hidden Charge
