Estimates by McKinsey Centre for Future Mobility (MCFM) indicate that achieving Malaysia’s 2030 goal could translate into a revenue pool of RM20bil for domestic demand alone.
MALAYSIA’S strengths in electronics component manufacturing and domestic vehicle assembly, for which it has a well-developed ecosystem, can make the country a key player in the fast-growing electric vehicle (EV) industry in South-East Asia.
In 2023, EV sales in Malaysia quadrupled to over 13,000 units. They, however, made up less than 2% of new car sales, compared to 18% in Singapore and 12% in Thailand.
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