KUALA LUMPUR, October 13 — The Malaysian government is taking significant steps to propel the local electric vehicle (EV) industry by introducing an electric motorcycle incentive scheme. Prime Minister Anwar Ibrahim announced this initiative during the presentation of Budget 2024. The scheme aims to boost the adoption of electric motorcycles among the public and stimulate the growth of the EV industry. It will offer substantial rebates, with individuals eligible for up to RM2,400 in discounts when purchasing electric motorcycles.
To qualify for the incentives, individuals must have an annual income of less than RM120,000. This typically translates to a monthly income of less than RM10,000. In his Budget 2024 speech, Prime Minister Anwar did not provide further details about the scheme. However, this move aligns with the goals set out in the National Energy Transition Roadmap (NETR), launched in late August. According to the NETR, Malaysia is committed to raising the share of electric two-wheelers on the roads to 80% by 2050.
Achieving this ambitious target involves a range of initiatives, including incentives for the purchase or leasing of electric two-wheelers, particularly focusing on households in the B40 income group. The Ministry of Investment, Trade, and Industry (MITI) has been entrusted with leading this effort, as outlined in the NETR. With the Prime Minister’s recent announcement, it is anticipated that MITI will unveil additional details about the new electric motorcycle incentive scheme in the near future.
This initiative underlines Malaysia’s commitment to sustainable transportation, promoting electric vehicles, and encouraging environmentally friendly commuting options. The introduction of incentives for electric motorcycles is expected to drive further interest in electric transportation and support the nation’s ambitions in the electric vehicle sector.
