Malaysia is set to see a boost in its electric vehicle (EV) market, with China’s major automobile manufacturer Chery committing to an MYR 170 million (USD 36.57 million) investment. The move is expected to create 4,000 high-skilled jobs in Malaysia over the next five years.
Chery aims to secure about 20% of the plug-in EV market share in Malaysia by 2024. Their ambitious plans include the introduction of both EVs and plug-in hybrid vehicles (PHEVs). Chery has taken a significant step in the Malaysian automotive sector by launching the Chery Tiggo 8 PRO and Omoda 5 sport utility vehicles in July 2023. Additionally, they have chosen Malaysia as their regional base for right-hand drive vehicles, catering to the Southeast Asia and Oceania markets.
As part of Malaysia’s New Industrial Master Plan 2030 (NIMP2030), the country aims to harness the ASEAN EV market’s potential, currently valued at USD 2.7 billion. Malaysia has set the goals of having 15% total industry volume (TIV) for electrified vehicles (xEV) by 2030, and 38% of TIV by year 2040. Tengku Zafrul, Malaysia’s Investment, Trade, and Industry Minister, emphasized that Chery’s commitment aligns with the country’s environmental, social, and governance (ESG) goals and its ambition for mass electrification. He further pointed out Malaysia’s stature as a significant electrical and electronics manufacturing hub in Southeast Asia, suggesting that automotive companies like Chery can capitalize on this existing infrastructure.
(Sources: The Sun Daily, Motor Trade)