Malaysia Welcomes High-Value Investments in EV Industry

Malaysia welcomes high-value investments to develop the electric vehicles (EV) industry in the country and region, says Datuk Seri Dr Wee Ka Siong according to the Star. The Transport Minister said the country is ready to cooperate with the industry through manufacturing, assembly and research and development (R&D).

“On behalf of the Malaysian government, I welcome high-value investments from abroad into Malaysia as a vital platform to bring EV manufacturing into the Asean market.” he said yesterday on Facebook.

“As Transport Minister, I assure you that we are ever ready to lend our assistance and cooperation to parties interested in investing in the country, particularly in transport and manufacturing, assembly, and R&D into EV in Malaysia,”

Dr Wee received a courtesy call from Ferrucio Lamborghini, the third-generation scion of luxury car brand Lamborghini accompanied by GSS Energy chief executive officer Sydney Yeung.

“We had a good discussion on the future of electric vehicles in Malaysia from several important standpoints, mulling over Malaysians’ acceptance to using EV, the government’s support of the industry, and potential investments and market prospects for EV here,” Dr Wee wrote.

To encourage EV ownership among Malaysians, the government introduced incentives such as complete import duty, excise duty, sales tax and road tax exemptions for EVs through Budget 2022 last year. Buyers and Installers of EV chargers also get income tax relief up to RM2,500. These incentives will remain in place until 31st December 2023.