MITI hopes for EV purchasing incentives in Budget 2024, says Tengku Zafrul - MIDA | Malaysian Investment Development Authority
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MITI hopes for EV purchasing incentives in Budget 2024, says Tengku Zafrul

MITI hopes for EV purchasing incentives in Budget 2024, says Tengku Zafrul

09 Sep 2023

The Ministry of Investment, Trade and Industry (Miti) hopes that the Finance Ministry will consider introducing incentives to encourage the uptake of electric vehicles (EV) in the upcoming Budget 2024.

Minister Datuk Seri Tengku Zafrul Abdul Aziz said Miti had received a large number of proposals from industry players and the people with regard to Budget 2024, including suggestions related to the EV ecosystem.

“Indonesia is the only Asean country that has introduced subsidies for the purchase of their electric motorcycles.

“This (the introduction of incentives to promote the purchase of EVs in Malaysia) is a good proposal which should be included in Budget 2024.

“I am confident that the Prime Minister (as the Finance Minister) will give due consideration to proposals from all ministries, including Miti,” he told reporters after launching Yinson GreenTech’s rydeEV Experience Centre here today.

He was responding to a question on the possibility of EV incentives being included in Budget 2024.

The rydeEV Experience Centre allows visitors to experience the future of micromobility and the convenience of Yinson GreenTech’s swappable battery technology.

They can also sign up for affordable lease-to-own or leasing packages, get their e-bikes serviced or repaired, and purchase rydeEV merchandise.

Earlier in his speech, Tengku Zafrul said Miti will continue to support the growth of EV charging infrastructure for two-wheelers, noting that the government has committed to install 10,000 EV chargers nationwide by 2030.

“As the battery of an EV constitutes up to 70 per cent of the cost, battery-swapping can significantly reduce the ownership cost for e-bike owners.

“This battery subscription service takes popularising EV to a whole new level, where users can simply switch on their e-bikes and enjoy the ride,” he said.

The minister also called upon more local companies to venture into the two-wheel EV industry, adding that the government will also continue to support and facilitate initiatives that contribute to the shared goal of a cleaner, greener and more prosperous Malaysia. 

Source: Bernama