Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has announced, at the launch of the Chery brand in Malaysia, that the upcoming New Industrial Master Plan 2030 (NIMP2030) will leverage the growing ASEAN electric vehicle (EV) market, which is valued at USD 2.7 billion (RM 12.6 billion).

The plan aims to capitalise on this opportunity and drive strategic sectoral growth to support Malaysia's gross domestic product (GDP). As part of this strategy, Chery Malaysia will invest RM 170 million for its expansion in Malaysia, creating 4,000 high-paying, high-skilled jobs over the next five years.

Vice President of Chery International and President of Chery Malaysia, Shawn Xu, also announced that the company aims to capture approximately 20 percent of the plug-in EV market share in Malaysia by 2024, with the launch of both EV and plug-in hybrid vehicles (PHEVs).

Tengku Zafrul highlighted that Malaysia's pursuit of mass electrification aligns with the country's national environmental, social, and governance (ESG) goals and net-zero agenda.

“As Malaysia is a major electrical and electronics manufacturing hub in Southeast Asia, automakers like Chery can easily leverage on this to help grow Malaysia’s production of next-generation vehicles (or NxGVs),” he said.

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Tengku Zafrul notes, “The Ministry of Investment, Trade and Industry (MITI) welcomes all these initiatives, as they are aligned with our national aspiration of having 15% total industry volume (TIV) for electrified vehicles (xEV) by 2030, and 38% of TIV by year 2040.”

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