Here’s big news for the Malaysian EV industry. Deputy minister of investment, trade and industry Liew Chin Tong said in parliament today that the government is considering a one-off subsidy for electric vehicle purchases.
The Iskandar Puteri MP said that MITI had proposed the one-off subsidy plan to boost EV ownership and the shift away from internal combustion engines. The proposal is now in the hands of the finance ministry, specifically the national EV steering committee meeting, The Edge reported.
“This proposal is currently under consideration by the finance ministry,” Liew said, adding that the plan could contribute towards reducing fuel subsidies in the longer-term.
This proposed one-off subsidy for the purchase of an EV is on top of existing carrots reserved for battery electric vehicles. In Budget 2023, it was announced that import duty and excise duty exemption for CBU imported EVs will be extended to end 2025. EVs are also free from road tax and there’s income tax relief for EV charger expenses.
This also coincides with the impending market entry of EVs from national players Perodua and Proton – click on the links to read more. This sounds like a very good carrot, what do you think? And will you take it?
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