As the government is ramping up green initiatives in the automotive industry, the Malaysian Automotive Association (MAA) is proposing incentives under the Budget 2024 to be given to all types of electrified vehicle (xEV) rather than just electric vehicle (EV), in order to popularise xEVs in Malaysia. President Mohd Shamsor Mohd Zain said the term xEV includes hybrid electric vehicle (HEV), plug-in hybrid electric vehicle, battery electric vehicle and fuel cell electric vehicle. Malaysia is targeting to have 15% of the total industry volume (TIV) for xEV by 2030 and 38% of TIV by 2040. To support EV penetration, the government announced that EVs in the country would not be subject to road tax until Dec 31, 2025.

Source: The Star