Malaysia's electric vehicle (EV) market shows positive growth until July 2024 with a total of 29,300 units. This situation is believed to be driven by the introduction of more EV models in the local market in addition to tax exemption incentives introduced by the government during the day.
According to a report from the Malaysian Zero Emission Vehicle Association (MyZEVA), BYD is at the top with a 33% share followed by Tesla (19%), BMW (19%), Mercedes Benz (5%), Porche (3%), Greet Wall (3%), Hyundai (2%), Smart (2%), MG (1%) and Audi (1%). Nine out of ten electric vehicle manufacturers recorded at least a double-digit increase of between one and thirty-two percent in July compared to the previous month. Hyundai, on the other hand, is the only brand on the list that did not record growth, which may be due to its high price range as well as being an obstacle for consumers who are interested in buying it.
Meanwhile, the five best selling models in Malaysia are BYD Seal with a 17% share followed by BYD ATTO 3 (16%), Tesla Model Y (15%), Tesla Model 3 (13%) and BYD Dolphin (8%). With the background of rapid electrification and shifting consumer preferences, BYD emerged as a major leader in Malaysia. Next, it is believed to be able to witness the EV industry in this country grow very rapidly in the coming period.