Tesla’s entry to boost EV adoption, create stiffer competition
09 Aug 2023
Tesla’s presence in the country is expected to not only boost electric vehicle (EV) adoption but also create more competition for other marques.
RHB Research said Tesla has begun taking orders for its Model Y, with prices starting at RM199,000.
The research house believes that Tesla’s Model Y stands out in particular due to its competitive price, which may put pressure on rivals.
Meanwhile, its Model 3 is expected to be launched in Malaysia later this year, with some news sources quoting a potential price of RM160,000.
“As Tesla is famous for its EVs and autonomous driving technology, we think that these prices are attractive,” RHB Research said in a report yesterday.
It noted that there were currently no EVs on-the-road with insurance priced below RM100,000 in Malaysia, despite all the incentives to encourage EV adoption in the country.
As of now, the cheapest EV in Malaysia is still the Neta V EV, which is priced at RM99,800 on-the-road without insurance, as compared to Indonesia-made Wuling Air, which is sold in Thailand and Indonesia for RM52,000 and RM70,000, respectively.
This is due to the Investment, Trade and Industry Ministry’s approved permit policy that prevents the importation of EVs priced below RM100,000.
RHB Research believes this policy is to protect the national marques while they work towards developing their own EVs.
Recently, BYD launched the new Dolphin with an on-the-road price of RM100,500, while Hyundai and Kia launched the Ioniq 6 and Niro EV at the price of RM290,000 and RM256,000, respectively.
Source: The Star