CBU EV gross sales in Malaysia up 33% in Nov as tax vacation nears finish, new obligation charges but to be specified – report

Come January 1, fully-imported (CBU) EVs will now not be tax-free (they’ve been since Price range 2022), and so these wanting one have been understandably springing into motion. See November’s prime 20 EV manufacturers and EV fashions.

The Star experiences, citing highway transport division (JPJ) information, that 33% extra CBU EVs had been offered in Malaysia in November (4,282 items, a brand new excessive) versus October (3,211 items), which was itself 22% up from September (2,628 items). Throw in locally-assembled (CKD) EVs and the mixed month-on-month improve is 24.7% (5,417 items in November versus 4,345 items in October).

Requested if CBU EV costs will go up come January 1, BYD Malaysia MD Eagle Zhao instructed the English-language day by day that the precise influence continues to be being evaluated because the finance ministry has but to specify the brand new tax charges.

“Whereas the introduction of excise obligation for imported EVs might result in worth changes throughout the market, each BYD and Sime Motors stay dedicated to protecting EVs accessible,” he mentioned, including that BYD and Denza have offered a mixed 12,872 items year-to-date (+76% over 2024).

BYD, Malaysia’s prime EV model, is planning a plant in KLK TechPark, Tanjong Malimbut it surely’s solely anticipated to be prepared by the second half of 2026. CBU EV inventory unsold by January 1 might be subjected to cost hikes – business gamers have beforehand speculated will increase between 30% and 100%. So manufacturers that wish to keep aggressive must assemble their EVs within the nation.

Carmakers already producing EVs in Malaysia embody Proton, Perodua, Volvo, Chery, Mercedes-Benz and TQWuling. Apart from BYD, Zeekr may do it at DRB-Hicom’s Automotive Hello-Tech Valley (additionally in Tanjong Malim), Leapmotor is predicted to make use of Stellantis’ Desert plant, EPMB will do it for Xpeng and MGand Volkswagen has EV plans for DRB-Hicom’s Pekan plant.

Seeking to promote your automotive? Promote it with Automotive.