Volvo Trucks “excited” by Malaysia’s new electric CV market

Compared to larger markets in the Asia-Pacific (APAC) region such as China, India, and Japan, electrification in Malaysia remains at a relatively nascent stage. Despite electric vehicle (EV) sales growing 161% between 2021 and 2022, online data platform Statista recorded only 3,210 total units that year. The value of Malaysia’s EV market is projected to reach US$168.4m by the end of 2023.

Although this pales in comparison with China’s US$260.8bn, Malaysia has been planning for a carbon-free future since September 2021. By 2050, it intends to reach net zero greenhouse gas emissions nationwide. With data from the Kuala Lumpur City Council finding that road transport accounts for 56% (14 million tonnes) of the city’s CO2, this makes decarbonising vehicles a logical starting point.

On 25 July 2023, Mohd Shamsor Mohd Zain, President of the Malaysian Automotive Association (MAA), told Bernama that the country had the potential to become a major regional e-mobility player. However, at this early stage, forming partnerships with international leaders in electrification will be imperative for Malaysia to accelerate its transition.