Industry players: Budget 2024 paints promising future for EV industry
14 Oct 2023
The Budget 2024 announcements related to the local electric vehicle (EV) industry paint a promising future for electrified and sustainable mobility in the country, says BMW Group Malaysia.
In line with its commitment to driving sustainable and responsible mobility, the group was inspired by the forward-thinking move that displays remarkable enthusiasm for this new movement, technology and innovation, BMW Group Malaysia managing director Hans de Visser said.
“This aligns perfectly with BMW Group’s vision for Malaysia in the coming years to shape, lead and future-proof the Malaysian automotive landscape, underscored by the introduction of a range of all-electric vehicles and innovative solutions and practices in the environmental, social and governance space,” he said in a statement.
He lauded the government’s efforts to boost the development of the local EV industry and promote public acceptance of EV usage, in order to enhance the pace of electrified mobility adoption in the country.
Meanwhile, Powerwell International Sdn Bhd, a leader in the electric and power distribution industries, said the government allocation of up to 10% of the total investment in the New Industrial Master Plan (NIMP) 2030 as a catalyst to fulfil the plan’s mission, bodes well for the manufacturing sector.
Managing director Datuk Adam Yee said the allocation, with an initial fund of RM200 million in 2024, would represent a significant stride towards the development of Malaysia’s power infrastructure.
“It is evident that the Malaysian government has set its sights on advancing the nation’s renewable energy sector and accelerating the energy transition by setting a target of achieving 70% renewable energy capacity by 2050.
“This aligns with the country’s aspirations to transition towards a more sustainable and environmentally friendly energy landscape,” he said in a separate statement.
NIMP 2030 was introduced in September this year, with the aim to stimulate an annual growth of 6.5% in the manufacturing sector’s gross domestic product (GDP), which is projected to add RM587.5 billion to the total GDP by 2030.