BEV adoption set to hit new high

Push factor: A man charges his car at a charging station for EV in Kuala Lumpur. As seen in Japan and the European Union, government rollout of financial incentives such as purchase subsidies and tax sweeteners are critical for pushing BEV adoption.

BATTERY electric vehicle (BEV) adoption in Malaysia is likely to pick up pace this year and may even exceed Fitch Solutions’ forecast of a 45.6% jump in sales to 4,449 units in 2023, thanks to more government incentives and accessibly priced new models.

On Friday, Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad said more EV-related incentives are in store in the revised Budget 2023 (to be tabled on Feb 24), and the country aims to install 10,000 EV charging points by 2025.