The research firm revises projection following the alleviation of supply chain bottlenecks in the automotive industry.
BMI expects this year’s total vehicle sales to rise by 3.8%, as opposed to its previous projection of a 9% decline.
BMI expects this year’s total vehicle sales to rise by 3.8%, as opposed to its previous projection of a 9% decline. The sales tax exemption, which expired on June 30, 2022, offered a grace period for exemption extensions until March 31, 2023. The research firm projects that total electric vehicle sales in Malaysia will quadruple in 2023. Presently, the EV penetration rate accounts for 1.8% of the country’s overall vehicle sales.These include the extension of import duty exemptions for components used in the local assembly of EVs, exemptions from excise duty and sales tax for locally assembled completely knocked-down EVs, and exemptions from import and excise duties for imported completely built-up units.
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