Malaysia's EV market soars - BYD leads the charge

Last year, there was a major boost in the sales of electric and hybrid vehicles (xEVs) in Malaysia, nearly hitting a 70% jump. This surge is expected to keep climbing this year according to an article in Berita Harian, showing that Malaysians are really getting into these eco-friendly and fun rides.

RHB Investment Bank's analyst Syahril Hanafiah says that with xEVs making up about 5% of all car sales last year, we're likely to see this trend continue before a bigger jump post-2025. This is in line with the end of a price cap for fully imported EVs and local carmakers rolling out their own EV models. With more affordable models like Tesla's and BYD's EVs hitting the market, it looks like EVs are really revving up in Malaysia.

Speaking of BYD, it has emerged that the Chinese EV manufacturer is a leading player in the electric vehicle market. In 2023, BYD dominated the local EV scene, capturing a substantial 37% share of the entire market.

This impressive feat was achieved within just nine months of its entry into the Malaysian market. BYD's rapid ascent underscores the growing popularity and acceptance of Chinese electric vehicles in Malaysia, reflecting the shift towards more sustainable transportation options from the sleeping giant.

BYD has emerged as a global leader in the electric vehicle market. In 2023, the company achieved a record-breaking sales volume, surpassing 3 million annual sales and becoming the global new energy vehicle sales champion for the second consecutive year.

BYD's success extends across over 70 countries on six continents, showcasing their commitment to providing eco-friendly and efficient mobility solutions. This remarkable global presence and technological prowess have made BYD a favorite among consumers worldwide, cementing their position as a top player in the electric vehicle sector.

BYD's acceptance worldwide can be attributed to several key factors. Their electric vehicles (EVs) offer a combination of advanced technology, affordability, and reliability. BYD has mastered core technologies across the EV industrial chain, including batteries, electric motors, and electronic controllers.

BYD officially launched its electric vehicle (EV) assault in Malaysia back in 2022 by introducing the BYD ATTO 3 SUV. The more affordable and compact Dolphin hatchback joined the Atto 3 in the middle of 2023 and is expected that the Seal saloon will be joining its brothers this year. The seal nicknamed the Model 3 killer in China is expected to give Tesla's most affordable EV in Malaysia at the momemnt a run for its money. 

BYD officially launched its electric vehicle (EV) assault in Malaysia back in 2022 by introducing the BYD ATTO 3 SUV. Midway through 2023, they expanded their lineup with the introduction of the compact and more affordable Dolphin hatchback.

This year, they are expected to further bolster their offerings with the Seal sedan, known in China as the "Model 3 killer." Anticipation is high for the Seal as it's poised to compete with Tesla's most affordable model in Malaysia, potentially shaking up the EV market once again.

Also Read: Pre-bookings for upcoming BYD Seal will open on January 19