The Government is committed to continuously support growth of the EV industry in Malaysia through a holistic approach which includes effective governance, incentives, enabling regulations and harmonisation of standards aligned with the recently launched New Industrial Master Plan (NIMP) 2030 under a clear mission — Push for Net Zero.
Speaking at the launch of Tron Bradbury Energy (Malaysia) Sdn Bhd (TBE) electric vehicle (EV) factory at the Port Klang Free Zone today (Jan 19), Minister of Investment, Trade And Industry (MITI) Tengku Zafrul Tengku Abdul Aziz said under one of the Action Plans, the Government has identified Electric Vehicles (EVs) as a key growth driver, providing further impetus for development of the EV in the country.
Through National Electric Vehicle Steering Committee (NEVSC) and National Electric Vehicle Task Force (NEVTF), numerous policies and procedural improvements have been successfully implemented to ensure a conducive and well-regulated investment and business environment within the EV ecosystem.
EV Industry Statistics And Growth
“Our target is to have EVs reach at least 20% of total industry volume (TIV) by 2030, 50% by 2040 and 80% by 2050, and I am confident we are on the right track to reach those targets,” Zafrul said, “Our intention is clear: EVs must be accessible to the masses, for us to reach critical mass that will support our net zero goal by 2050. Observing their progress, I am optimistic that the electrification of our automotive industry will not only accelerate, but also achieve our policy targets within or perhaps even before the stipulated timeline.”
Tengku Zafrul said he sees TBE to also play its role in contributing to Malaysia’s future EV numbers, especially in the manufacturing and assembly of commercial EVs such as e-Buses, e-Vans, e-Trucks and e-Tractors. Yes, our EV targets must not only be limited to passenger cars, but also extend to public transport, such as electric buses, whose production TBE will be heavily involved in.
TBE’S Role In EV Development And Malaysia’s Net Zero Targets
“I am delighted to witness the signing of the MoU between Tron Bradbury Energy (Malaysia) Sdn Bhd (TBE) and Bradbury Asset Management (Hong Kong) (BAMHK). TBE is set to transform its current assembly operation in Port Klang Free Zone into a dedicated manufacturing facility. Not only this, TBE also has a plan to establish the battery R&D facility in Malaysia. These two plans, when realised, will mark a significant step forward, and I’m excited to see the positive impact and opportunities it will bring to our people, supporting SMEs and Malaysia as a whole,” he said.
These are the kinds of high-quality investments that the Government is prioritising under our New Investment Policy and NIMP2030. Additionally, it is equally important to consider the spillover effects that each investment brings. The projects undertaken should also create high-value job opportunities and enhance domestic linkages for SMEs’ benefit. This holistic approach is what will ensure balanced and inclusive growth for the nation and he sees tremendous potential for value creation in the partnership between TBE and Bradbury Asset Management.