Research firm: Malaysia accounts for 2.4pc of electric cars sold in South-east Asia in Q1, behind Thailand’s 78.7pc | Malay Mail

KUALA LUMPUR, July 21 — Only 2.4 percent of battery electric vehicles (BEVs) or fully electric cars sold in six Southeast Asian countries are in Malaysia, according to research in the first quarter of this year.

According to research firm Counterpoint Technology Market Research, more passenger vehicles sold in these six countries are now electric cars, with BEVs accounting for 3.8 percent of total passenger vehicle sales in Q1 2023, compared to just 0.3 percent a year ago.

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Citing its SEA Passenger Electric Vehicle Model Sales Tracker, Counterpoint said this means passenger BEV sales in six Southeast Asian countries have grown nearly 10 times.

From research released yesterday, Thailand leads Southeast Asia in terms of the number of fully electric vehicles sold there (accounting for 78.7 percent of those sold in the six countries), followed by Indonesia (8 percent), Vietnam (6.8 percent) and Singapore (4.1 percent), while Malaysia is fifth at 2.4 percent.

“Thailand also boasts the highest proportion of BEVs in total passenger vehicle sales, followed by Singapore and Vietnam,” Counterpoint said.

Screengrab from Counterpoint Technology Market Research website

Counterpoint research analyst Abhilash Gupta said Thailand’s government-led efforts to promote electric vehicle (EV) sales have yielded positive results and Indonesia and Vietnam are also performing well in the region in terms of such sales. “However, Malaysia, the Philippines and Myanmar need additional regulatory support and encouragement to stimulate EV growth,” Gupta said.

Gupta also said that sales of BEVs are large and expanding rapidly despite overall sales of passenger cars remaining relatively stagnant, and also noted that the market for hybrid electric vehicles (HEVs) has seen remarkable growth in Southeast Asia.

According to Gupta, the market share of Chinese auto companies within these six Southeast Asian countries has increased from 38 percent a year ago to nearly 75 percent.

He noted that the top three companies in terms of BEV or fully electric vehicles sales in the Southeast Asia region in Q1 2023 are all from China: BYD Group (51.2 percent), Hozon New Energy (9.6 percent) and SAIC Group (8 percent), or together 68 percent of total BEV sales.

Counterpoint said the best-selling BEV in these Southeast Asian countries is BYD’s Atto 3, followed by the Neta V and Tesla Model Y.

In the same quarter, China’s Geely Holding Group had the highest sales for passenger hybrid electric vehicles (PHEV) in the region at 30.5 percent, followed by BMW Group (22.8 percent) and Mercedes-Benz Group (22.1 percent).

The best-selling PHEV model in the region is Volvo’s XC60, followed by the BMW 3 series and Mercedes-Benz E-Class, Counterpoint said.

Counterpoint’s sales data is based on wholesale figures, namely deliveries from the factories of the respective brands or companies.

On March 1, the Ministry of Investment, Trade and Industry (Miti) announced the US-based electric car company’s decision to establish its presence in Malaysia by setting up a headquarters, Tesla Experience and Service centers and a supercharger network here, adding that it is expected to create better-paying jobs for Malaysians and increase the participation of local companies in the Tesla ecosystem.

On March 1, Miti also announced its approval of Tesla’s application to import electric vehicles into Malaysia.

Tesla officially launched yesterday in Malaysia and also debuted its Model Y electric car which will be sold at prices starting from RM199,000 and will be delivered to customers in early 2024.

Tesla customers can benefit from 100 percent road tax exemption and individual income tax relief of up to RM2,500 on costs related to EV charging facilities for the assessment year of 2023, as well as full import and excise duties exemption for newly registered zero-emission vehicles.

In Malaysia’s Budget 2023, the Malaysian government proposed various tax incentives to promote the use of EVs and support the EV industry, including providing full income tax exemption on statutory income from the assessment year 2023 to 2032 for EV charging equipment manufacturers.

Budget 2023 also saw the government propose to give non-commercial EV rental companies a tax deduction of up to RM300,000 on the rental value for the assessment year 2023 to 2025.

In Budget 2023, the government also proposed the extension of the existing tax exemptions on EVs, this is until December 13, 2027 for full exemption from import duty for locally assembled parts of EVs and full exemption from excise duty and sales tax for locally assembled fully knocked down EVs; and until December 31, 2025 for full exemption from import duty and excise duty for imported completely built up EVs.

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