Passenger EV sales in Malaysia to expand rapidly in 2023, says Fitch Solutions

[superadmin]

KUALA LUMPUR (Dec 1): Fitch Solutions Country Risk and Industry Research expects passenger electric vehicle (EV) sales in Malaysia to expand rapidly in 2023, albeit from a low base, due to the introduction of incentives to boost adoption.

In a report on Wednesday (Nov 30), the firm forecast passenger EV sales to increase by 45.6% in 2023 to reach an annual sales volume of around 4,449 units.

“We expect plug-in hybrid electric vehicles (PHEVs) to lose market share in 2023, as the introduction of more battery electric vehicles (BEVs) offer consumers additional models to choose from.

“We forecast that total EV sales as a percentage of total sales to breach the 1% mark by 2024, as an expected strong performance in both PHEVs and BEVs accelerates EV adoption,” it said.

- More -