南洋商报 NYSP wrote a post · Oct 17, 2024 13:57

[Budget 2025] Exemption of electric vehicle taxes not expected to continue, budget focusing on promoting local assembly.

The 2025 fiscal budget is set to be announced soon, analysts predict that exemptions on complete import and consumption taxes for electric vehicles may not be extended; therefore, the focus of the automotive industry is on how the budget will further drive incentives for local assembly of electric vehicles.

Industrial Bank today released a report, analyzing the prospects of the Malaysian automotive market, pointing out that the main theme of the current car market still revolves around accelerating the popularization of electric vehicles. The forthcoming budget is expected to focus on developing the electric vehicle ecosystem, promoting incentives, and supporting the construction of public charging stations.

"We believe the government may introduce new incentive policies to attract more original equipment manufacturers (OEMs) to manufacture and assemble electric vehicles locally."

With more and more consumers choosing electric vehicles, the future prospects of the Malaysian electric vehicle market look promising. However, analysts point out that the market's real explosion may have to wait until 2025, when the 0.1 million ringgit minimum pricing measure for fully imported electric vehicles expires, and more locally manufactured economical electric vehicles will enter the market.

With the launch of the first electric vehicle e.MAS 7 by Baoteng, and the plan to launch the second domestically produced electric vehicle at the end of 2025, we believe the government will prioritize providing incentives to encourage local assembly of electric vehicles.

He added that the popularity of electric vehicles is rapidly increasing, with 5100 electric vehicles registered in the third quarter of 2024, a 74% year-on-year increase; bringing the cumulative total to 0.015800 cars in the first 9 months, a 114% growth. BYD and Tesla performed strongly, with market shares of 37.7% and 27.1% respectively.

In addition, electric vehicles accounted for 2.5% of the total vehicle registrations in the first 9 months, higher than the 1.2% in the same period last year.

As for gasoline vehicles, overall sales and production volume declined month-on-month due to factory maintenance in September and the Malaysian public holidays.

However, with the increase in working days in October, analysts expect car sales and production volumes to return to normal.

Currently, analysts maintain their forecast that the total automotive industry sales volume (TIV) in 2024 will decline by 1% year-on-year to 0.79 million units, and they maintain a 'neutral' rating for the entire industry.

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Source/Data from the company & CICC Investment Bank

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📝[Reporter] Huang Xiaoxian

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Source: Nanyang Business Times

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希希希望的希 : The price dropped a bit for a few days ......

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南洋商报 NYSP

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