The 2025 fiscal budget is about to be announced, analysts predict that the exemption of import taxes and consumption taxes for electric vehicles may not be extended; therefore, the focus of the automotive industry is on how the budget will further promote incentives for local assembly of electric vehicles.
Industrial investment bank released a report today, analyzing the prospects of the Malaysian automotive market, indicating that the main focus of the current automotive market still revolves around accelerating the popularization of electric vehicles. The upcoming budget is expected to focus on developing the electric vehicle ecosystem, driving incentives, and supporting the construction of public charging stations.
"We believe that the government may introduce new incentive policies to attract more original equipment manufacturers (OEMs) to manufacture and assemble electric vehicles locally."
With more consumers choosing electric vehicles, the prospects for the Malaysian electric vehicle market look promising, but analysts point out that the market's true boom may have to wait until 2025, when the tax exemption for whole imported electric vehicles priced at 0.1 million ringgit expires, and more economical electric vehicles produced by local manufacturers enter the market.
"With the release of Baoteng's first electric vehicle e.MAS 7, as well as plans for the second domestically produced vehicle to launch an electric vehicle by 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 5,100 electric vehicles registered in the third quarter of 2024, a staggering increase of 74% year-on-year; bringing the total to 58,000 vehicles in the first 9 months, a growth of 114%. Among them,...

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Leading up to Budget 2025 on 18 October, the Ministry of Finance has released its pre-Budget statement, and other government ministries have put forward various proposals. JP Morgan highlights three key points that investors should pay attention to regarding the upcoming budget:
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