ASEAN EV market to hit 2.7 billion USD by 2027: Malaysia’s minister
The ASEAN electric vehicle (EV) market is projected to reach 2.7 billion USD by 2027, more than five times higher than 500 million USD in 2021, Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz has said.
An electric car model called Smart is being displayed at the E-Mobility Asia 2023 in Kuala Lumpur. (Photo: VNA)
KualaLumpur (VNA) - The ASEAN electric vehicle (EV) market is projected to reach 2.7 billion USD by 2027, more than five times higher than 500 million USD in 2021, MalaysianMinister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz has said.
Inhis opening remarks at E-Mobility Asia 2023 in Kuala Lumpur on November 22, Zafulsaid that Malaysia has many competitive advantages to attract additionalhigh-value investments thanks to the development of a comprehensive ecosystemfor the EV industry and new generation vehicles.
Malaysiatargets having EV and hybrid vehicles account for 20% of new car sales by 2030,50% by 2040 and 80% by 2050.
Malaysiahas developed a robust electrical and electronics (E&E) sector over thepast 50 years, particularlyin semiconductor, which has solidified its position in the global supply chain.
Referringto national-branded EVs, he expected the first car to be launched in 2025 andbelieved that Malaysia will be able to achieve the goal of providing 10,000 EVcharging stations nationwide at the same time.
He also expressed a hope tocollaborate with member countries suchas Thailand, Vietnam, Singapore, thePhi𓂃lippines or Indonesia to complement eachother’s strength and capitalise on supply chains that have been shifteddirectly to ASEAN./.
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An electric car model called Smart is being displayed at the E-Mobility Asia 2023 in Kuala Lumpur. (Photo: VNA) 
