CIMB supercharges EV adoption with financial solutions

CIMB Bank Berhad and CIMB Islamic Bank unveiled its suite of electric vehicle (EV) financing solutions, claiming to be the most comprehensive on the market, to spur EV growth and adoption. According to CIMB, the solution will cover all aspects of owning an EV, including finance, insurance protection, and a variety of exclusive benefits.

CIMB announced the news at the Malaysia Autoshow 2023, organised by Malaysia Automotive and Robotics and IoT Institute. This comes as the bank realises that in order to shift towards sustainable mobility and make EV more accessible to general public, a tailored EV financial solution along with the value-added benefits the bank could provide is the key.

The year-long campaign running until 30 April 2024 will cover a range of value-added benefits to potential EV buyers, including financing, insurance and other benefits.

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To provide added value and first-in-market complementing benefits for vehicle insurance, CIMB has also partnered with Berjaya Sompo Insurance. Customers of CIMB who purchase Secure Motor Insurance through CIMB Auto Finance will receive a 10% cash rebate on premiums as well as a 5% discount on EV premium rates. These advantages are available for EVs up to 8 years old, both new and used.

Recently, CIMB rolled out its first EV charging stations at its CIMB Preferred branch in Plaza Damansara as part of its EV initiatives. The Bank will shortly increase the number of EV charging stations available to its clients.

Meanwhile, the expansion of Malaysia's EV tax incentives and exemption, along with the expanding availability of EV models and infrastructure on the market, will result in a significant increase in demand for EV financing, according to CIMB. As part of its commitment to sustainable finance, CIMB reported a high year-on-year increase in green vehicle financing of 350% in 2022, and it plans to speed up growth in this market. By 2024, it also aims to mobilise RM60 billion in sales of green, socially responsible, and sustainable products and services across all of its markets.

In addition to these solutions, CIMB has also entered the EV mobility scooter market in Malaysia as the country's first bank in partnership with Blueshark, an innovative electric motorbike manufacturer. The bank provided a 0% Credit Card Easy Payment Plan for Blueshark’s new electric scooter models, offering consumers an alternative transportation option to help reduce their carbon footprint.

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