Budget 2024: Investment, Trade and Industry Ministry proposing incentive for B40 to purchase e-motorcycles

KUALA LUMPUR - The Investment, Trade and Industry Ministry is proposing an incentive for electric vehicle (EV) purchases, specifically for e-motorcycles, to be introduced under Budget 2024.

Deputy secretary-general (Industry), Datuk Hanafi Sakri said the proposed incentive, which has been submitted to the Finance Ministry (MoF), will focus on vehicle owners in the B40 income group.

"We hope to receive a positive response. Miti hopes the MoF will support the development of the EV industry,” he told reporters after delivering his keynote address at the International Electric Mobility Showcase (IEMS) 2023 here today.

On the EV industry’s overall growth, he said the government had introduced many incentives in 2022 and 2023 to develop the industry, both in terms of demand and supply.

Hanafi noted that the market for two-wheeled EVs in Malaysia is still low at less than one per cent, as such, he hopes that such initiatives, coupled with the proposed incentive under Budget 2024, will boost EV adoption in Malaysia.

Malaysia aims to have 10,000 EV charging stations nationwide by 2025, comprising 1,000 direct current fast chargers and 9,000 alternate current chargers. - BERNAMA