KUALA LUMPUR (XINHUA) – Favourable regulations, local brands and penetration of Chinese carmakers will drive electric vehicle (EV) sales higher in ASEAN countries including Malaysia, according to a research house.
Maybank Investment Bank said in a note on Thursday that it sees ASEAN companies that are partnering with Chinese car makers for manufacturing and sales and battery value chain companies to benefit from the EV rush, backed by battery minerals/ecosystem, a large automotive production base and robust demand.
According to the research house, Malaysia is planning to cut its fuel subsidies, which could prompt demand for EVs. “The Malaysian government is contemplating reduction/removal of fuel subsidies. Any action on this will deliver the much-needed push for EV adoption as it will make EV more competitive to gasoline (vehicle) on a total cost of ownership (TCO) basis,” it said.
