KUALA LUMPUR, Aug 21 — BMI, a Fitch Solutions company, has revised upward its projection on total vehicle sales in Malaysia for 2023 to rise by 3.8 per cent, which is in contrast...
KUALA LUMPUR, Aug 21 — BMI, a Fitch Solutions company, has revised upward its projection on total vehicle sales in Malaysia for 2023 to rise by 3.8 per cent, which is in contrast to its previous forecast of a 9.0 per cent decline.
The sales tax exemption lapsed on June 30, 2022, and there was a grace exemption period that lasted up to March 31, 2023 for those cars which have been booked for purchase before the end of the sales tax exemption period. On other development, BMI believed demand for electric vehicles will far outstrip that of internal combustion engine cars within its 2023-2032 forecast period.
Looking at the key drivers for Malaysia’s prospective growth in EV adoption rates, BMI highlighted the extension of import duty exemptions for components for the local assembly of EVs, the excise duty and sales tax exemptions for locally assembled completely knocked down EVs, and the import and excise duty exemptions on imported completely built-up units.
“Indeed, Malaysia has also witnessed a large number of automakers entering the market giving consumers more choices,” it said.
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