EV Incentives
- The transition from ICE to EV requires not only vehicles but also an ecosystem encompassing charging, servicing, sales, manufacturing, assembly, grid capacity, regulations and policy.
- To seed this transition, various countries have offered incentives, eg NO (no import taxes and VAT, 50% parking discount, access to bus lanes), CN ($2K subsidy, provision of number plate which is usually very hard to obtain), US ($12.5K tax credit - reduces taxes payable, not just a deduction).
- MY just announced its EV incentives yesterday: no import, excise, sales, road tax and a tax credit of $600 for charging facilities. Many EVs are priced around the $35K mark (MYR 140K), which without the new incentives will cost around $60K (MYR 240K) in MY. Thus, the potential savings or incentive could be around $25K (MYR 100K).
- Though the incentives look they are more for the well-heeled, in effect, if applied across the board, it could be a basis of the genesis of a new market, as per our table below. Of note are the two MY auto makers, one affiliated with Geely, the other Toyota.
EV Diversity
- Honda U-Be - $500 (MYR 2K)
- Ola S1 Scooter - $1K (MYR 4K)
- RadWagon Cargo - $2K (MYR 10K)
- Wuling Mini - $5K (MYR 20K)
- Chery Icecream - $5K (MYR 20K)
- Geely Geometry - $10K (MYR 40K)
- Ora Black Cat - $10K (MYR40K)
- BMW CE04 - $12K (MYR 50K)
- Tesla Model 2 - $25K (MYR 100K)
- Tesla Cybertruck - $40K (MYR 160K)
- Volkswagen ID.3 - $40K (MYR 160K)
- Toyota BZ4X - $40K (MYR 160K)
- Lucid Air Touring - $90K (MYR 360K)
- Tesla Model S Plaid - $130K (MYR 520K)