PETALING JAYA: Perodua’s repricing of its QV-E electric vehicle (EV) and the introduction of an outright purchase option could help drive demand for the model, says Hong Leong Investment Bank (HLIB) Research.
The move, the research firm said, is expected to benefit automotive electronics player MCE Holdings Bhd
, which supplies the infotainment system and other electronic parts for the QV-E.
Earlier this week, Perodua announced two major revisions for its maiden EV model.
It introduced an outright purchase option alongside its existing battery subscription package.
Previously, buyers were only offered the subscription model.
Perodua also revised its pricing, where the QV-E can now be purchased outright at RM93,999, while the battery subscription option is priced at RM69,999, plus a monthly battery subscription fee of RM215 for nine years, inclusive of tax.
However, an industry observer said despite the repricing, Perodua’s QV-E sales volumes are unlikely to rise significantly, given the price gap with competing models.
He noted while the QV-E offers a larger battery and longer Worldwide Harmonised Light Vehicles Test Procedure-rated range of 370km compared with the Proton e.MAS 5 Premium’s 325km, the difference in real-world value may not be compelling enough for budget-sensitive buyers.
The Perodua QV-E is priced at RM93,999, or RM87,499 after rebate until Sept 30, versus about RM69,800 for the Proton e.MAS 5 Premium after a RM3,000 launch rebate offered indefinitely, the observer said, adding that this translates to a price gap of roughly RM18,000.
“Buyers are extremely price sensitive. The e.MAS 5 has been more popular for this reason, while the QV-E has yet to take off,” he said, adding it remains unclear if repricing will meaningfully lift demand.
HLIB Research said Perodua’s new pricing represents a RM10,000 reduction in the vehicle price under the subscription model, while the monthly battery leasing fee has also been lowered from RM297 previously to RM215.
The QV-E, launched in December 2025, has recorded cumulative registrations of just 182 units as at May 2026, far behind Proton’s e.MAS 5 and e.MAS 7, which have registered 9,569 units and 13,899 units respectively.
According to HLIB Research, initial demand was hampered by production ramp-up challenges, as new suppliers –including those from China – struggled to meet quality standards.
It said the battery subscription model was also less appealing to Malaysian consumers, while the vehicle’s effective ownership cost was less competitive compared with Proton’s EV offerings.
However, the research house believes Perodua has begun addressing these issues through localisation and operational optimisation, enabling it to lower prices and improve production.
Perodua has indicated that production can now be ramped up to more than 500 units per month.
“Taken together, these developments suggest that the three main constraints –production bottlenecks, an unpopular battery leasing-only model and relatively high effective pricing – are being progressively resolved,” it said.
HLIB Research highlighted MCE as a key beneficiary of the QV-E’s improved prospects, noting that the group supplies the vehicle’s infotainment system and other electronic components.
“The contract has a revenue per vehicle of approximately RM3,000, which is around 10 times higher than MCE’s typical contract value per vehicle,” it said.
More importantly, HLIB Research said the project marked a breakthrough for MCE in producing higher-value infotainment systems, potentially paving the way for similar contracts across both internal combustion engine and EV models.
The research house expects MCE to benefit from Malaysia’s EV localisation push as automakers step up local sourcing ahead of the expiry of tax exemptions for completely knocked down EVs at end-2027.
“As localisation gathers pace, MCE should be a beneficiary, given its participation in original equipment manufacturers programmes and its ability to supply higher-value components into locally assembled EV models,” it said.
HLIB Research maintained its “buy” call on MCE with a slightly higher target price of RM2.42 from RM2.38 previously, based on 15 times price-to-earnings on its financial year 2027 partially diluted earnings per share of 16.1 sen.
The research house said Malaysia is at a crossroads in moving up the automotive value chain, with policy direction increasingly tilted towards localisation of higher-value automotive components.
“We believe that MCE sits in a sweet spot to benefit from this structural tailwind, given its core expertise in high-value automotive electronics.”
The research house added MCE was well positioned to capitalise on rising automotive electronic content, supported by its engineering capabilities, new Serendah plant and technical partnerships in emerging technologies such as smart cockpit systems, millimetre-wave radar and advanced driver assistance systems.
