Tesla Inc. plans to open a branch office in Malaysia along with service and charging station networks, Bloomberg reports referencing a statement made by the local Ministry of Trade that approved the imports of Tela cars to the country not long ago.
We are told that CEO Elon Musk made the decision to expand the business to this new market after battery cars surged in popularity in Southeastern Asia.
Furthermore, Malaysia intends to electrify its transports and offers incentives to buyers, such as zero import fees. The government strategy provides for EVs, including all-electric cars and hybrids, constituting at least 15% of all vehicles sold in the country by the beginning of the next decade.
Fitch Solutions reckons that EV sales in the country are underway to an 82% annual increase this year, which means 5,840 units in absolute terms. This may not look like much, but the trend clearly explains why more foreign companies start looking for ways to enter the Malaysian EV market.