Proton and Perodua Take on BYD and Tesla with Affordable EVs

According to a Nikkei Asia report, Malaysian electric vehicles are making waves as Proton Holdings and Perodua step up to challenge BYD and Tesla with budget-friendly models.

Proton's e.MAS 7 SUV, its first EV, has been a hit, with over 1,000 units sold since its December launch. In January, it topped Malaysia’s EV registrations, surpassing BYD. Proton CEO Roslan Abdullah confirmed the company’s commitment to staying in the spotlight while gearing up for more launches later this year.

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Last month, Proton expanded its reach by exporting EVs to Nepal, Singapore, and beyond. The company benefits from a partnership with Geely Holding Group, which assembles Proton EVs in China before importing them into Malaysia. However, a Perak-based production plant is in the works, promising lower costs and increased local job opportunities.

Proton e.MAS 7: The Budget EV King?

Built on Geely’s Galaxy E5 platform, the Proton e.MAS 7 is available in two versions: Prime (RM109,800) and Premium. The Prime is 30% cheaper than the BYD ATTO 3 and nearly 40% less than a Tesla, making it one of the most affordable EVs in Malaysia.

• Range: 345 km (shorter than ATTO 3’s 400+ km)

• Features: No Apple CarPlay or Android Auto (yet!)

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The Malaysian government is pushing automakers to launch EVs under RM100,000. Proton’s next EV, expected later this year, will be even more affordable. Meanwhile, Perodua is launching its first EV by Q4 2024, with a unique battery leasing model—reducing upfront costs to RM80,000!

Malaysia’s EV Boom: A Profitable Shift

Under the New Industrial Master Plan 2030, Malaysia aims for EVs and hybrids to make up 15% of new car sales by 2030. In 2024, EV registrations jumped 80% to 28,048, surpassing hybrids for the first time.

EV Market Share (2024):

• BYD: 31%

• Tesla: 18%

• Proton & Perodua: Gaining ground!

Industry expert Mohd Shanaz Noor Azam from CIMB Securities notes that Proton’s Geely-based models might limit differentiation in exports, while Perodua’s in-house EV development may yield long-term flexibility and cost advantages.

The Road Ahead for Malaysian EVs

Malaysia still faces hurdles like charging network expansion and the continuing dominance of petrol vehicles. Yet, total car sales hit 810,000 units in 2023, a record high. Perodua’s sales rose 8% to 358,100, while Proton dipped 1% to 152,300.

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