Malaysia's trade ministry said on Wednesday that all imports of electric vehicles assembled overseas will be subject to new regulations starting on July 1, following the expiry of a special tax exemption period.
Imports of electric vehicles fully assembled overseas will be subject to a minimum cost, insurance and freight value of 200,000 ringgit ($50,684) and the minimum motor power threshold will be cut to 180 kW from 200 kW, the ministry said in a statement.
The government had previously granted a full import and excise duty exemption from January 2022 to December 2025 in an effort to encourage the adoption of electric vehicles.
The ministry said there will be a grace period so that companies could sell their remaining stock, including those at ports or in transit, under the previous terms.
-Reuters
