Budget 2024: MY govt encourages EV adoption with new incentives

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Malaysia’s newly tabled Budget 2024 has reportedly encouraged the adoption of electric vehicles (EVs) through the introduction of several EV incentives. Prime Minister Anwar Ibrahim said that there will be rebates up to RM2,500 to encourage the usage of electric motorcycles for individuals earning RM120,000 and below a year, according to The Star.

To further aid the nation’s energy transition process, PM Anwar added that 150 electric buses will be acquired by Prasarana Malaysia, and three bus depots will be built with a RM600 million allocation.

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Tax rebates for EV rentals will also be extended for two more years while income tax exemption of up to RM2,500 for those spending on EV charging facilities will be extended for four more years.

The government is also currently developing a programme to buy back solar panels at buildings with minimum cost and is urging companies to offer a 'zero-capital' subscription model, as offered by Gentari for homes, said PM Anwar. Putrajaya will also be extending the Net Energy Metering (NEM) programme till the end of 2024 to encourage more Malaysians to install solar panels in their residences.

Putrajaya is also slated to install solar panels on the roofs of government buildings in collaboration with Tenaga Nasional (TNB) and Gentari. Anwar also said that the Federal administration has begun using electric vehicles as official vehicles.

Following Tesla’s launch in Malaysia, Indonesia has been in the process of attracting investments from manufacturers of electronic vehicles such as Tesla and Build Your Dreams (BYD) through a set of new incentives.

However, after coordinating minister Luhut Panjaitan met with Elon Musk last month, he announced that Tesla will not be investing in Indonesia anytime soon, as reported by Bloomberg. Panjaitan is Indonesia’s minister of maritime affairs and natural resources.

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