Last week, The Edge Weekly published a surprise report saying that Porsche is setting up a CKD assembly plant in Malaysia. The news invariably conjures up images of Boxsters, Caymans and 911s on the cheap, […]
Malaysia has dragged its feet in stimulating the adoption of electric vehicles (EV). According to Maybank Investment Bank Research, the country had fallen behind its Southeast Asian peers, despite having initially led the race for green vehicles in the early 2010s. According to the bank’s research arm, part of the reason is due to the […] The post Report: Malaysia trails behind ASEAN neighbours in EV race, lack of incentives to blame appeared.
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Malaysia lags behind ASEAN on EV incentives – report
20 February 2021 3:46 pm / 93 comments
It’s no secret that Malaysia has dragged its feet in stimulating the public’s adoption of electric vehicles, and this was highlighted in a damning analysis report by Maybank Investment Bank Research. The article showed just how far the country has fallen behind its Southeast Asian peers, despite having initially led the race for green vehicles in the early 2010s.
The bank’s research arm said that Malaysia’s roadmap for the future of its automotive industry, the National Automotive Policy (NAP) 2020, lacks definition. Delayed for several months, the plan debuted in the final days of the previous Pakatan Harapan administration; notably, it did not provide specifics regarding any incentives for industry players, nor any concrete details on the then-nascent New National Car Project (NNCP), which has now gone silent.
Maybank IB said the deal, if it materialises, will see Sime Darby and Bermaz Auto (BAuto) being key beneficiaries through their equity stake in Inokom.
“Inokom is owned by a consortium of shareholders, namely, Sime Darby Motors (51%), BAuto (29%), Hyundai Motor Company of South Korea (15%) and Sime Darby Hyundai (5%).
“We conservatively estimate that Inokom generates about RM50mil per annum for every 1,000 CKD units.
“That equates to an annual pre-tax profit of RM14.5mil to BAuto and RM28mil to Sime Darby, based on their respective equity stakes, representing roughly 10% and 3% of their respective group profits for the financial period ending 2022.”