Malaysia is planning to expand its EV industry by attracting RM20 billion worth of investments by 2025.
So far, RM14 billion has been poured into the country’s overall EV ecosystem from 2018 to 2022, particularly in some crucial points such as batteries, onboard charging, and the one that got us into that horrible ‘range anxiety’ feeling, charging infrastructure.
RM40 billion investments by 2030
The Malaysia Investment Development Authority (MIDA) together with the Ministry of International Trade and Industry (MITI) is confident that the initial RM20 billion investment mark will be met before proceeding to the even bigger RM40 billion come 2030.
MITI, in particular, will be leveraging the country’s position as one of the top electrical and electronics manufacturers in the region in order to further expand Malaysia’s EV ecosystem capabilities in the coming years.
According to Tengku Datuk Seri Zafrul Abdul Aziz, “We have an established ecosystem, backed by solid R&D and standards facilities, through agencies such as SIRIM, as well as an established components’ sub-sector that could service the whole EV value chain, comprising semiconductors, sensors, automotive electronics, transceivers, batteries, and auto assembly.”
These investments will also hopefully see the expansion of charging infrastructure from 900 charging stations that are currently available now to around 10,000 by 2025. That’s just three years down the road, folks. Possible?