This includes manufacturing and assembling electric vehicles with a total investment value of RM62.4 billion. Other aspects include automation as well as other EV-related matters such as charging infrastructure, and many more.
Is Malaysia a great EV choice for foreign investors?
Lim also stated that these moves were done as many investors related to EVs have chosen Malaysia to further expand their businesses as well as develop the EV ecosystem within the region.
One great example would be Volvo Car Malaysia and its first fully-electric model, the Volvo XC40 Recharge Pure Electric – an EV that is assembled right here in Malaysia.
Other companies that have followed the same pattern are Samsung SDI Energy Malaysia and its investment to manufacture EV batteries and Iljin Material s Co as well as SK Nexilis who are producing electrodeposited copper foil also used in manufacturing electric cars.
TNB to invest RM90 million to support EVs
Tenaga Nasional Berhad (TNB) has also pledged to invest around RM90 million with the purpose of developing the country’s ecosystem as well as charging infrastructure within the next three years.
This comes after inking a deal to provide electric vehicle charging stations across the North-South Expressway (NSE). Other forms like V-centric training, up-skilling, and re-skilling courses will also be implemented from the major investment.
What about Tesla?
In an article posted by The Star, Lim stated this when asked about Tesla’s decision to look into Indonesia instead of Malaysia. “On the investment of Tesla, if a private company chooses to invest in Malaysia or in other destinations, it is a commercial decision for which I do not have the capacity to answer.”