) registration figures up to 31st May 2024. Since the previous update, May was a record high month for EVs in Malaysia this year withBYD registered 1,045 EVs last month, followed by Tesla with 636 units. The two brands make up 68.5% of total EVs registered for May 2024.
The other Chinese-based EV brands such as MG, Chery and GWM are not far behind. In May, the MG4 recordedThe list continues with BMW electric sedans, the i4 and i5 having 45 and 39 units registered. Meanwhile, the Smart #1, Hyundai Ioniq 6 and Volvo C40, had 37 registrations each.If we look at the overall EV registration data for January to May 2024, SUVs remain the top favourites followed by sedans.
Overall, petrol vehicles still dominate in Malaysia with about 88% market share, followed by diesel at 6.5%. With the current trajectory, it would be interesting to see if EVs would overtake hybrid vehicles for the full year. The government’s ongoing plan to rationalise fuel subsidies is expected to affect the purchase decisions of new car buyers.
Economy Minister Rafizi Ramli recently mentioned in an interview about a ‘petrol surprise’ following the bulk diesel subsidy abolition. However, Prime Minister Anwar Ibrahim had downplayed the statement saying that thereleased by the Ministry of Transport would also help address the cost concerns of owning an EV. At the moment, road tax for EVs are exempted until 31st December 2025.for vehicle registrations in Malaysia.