There were a lot of new EVs launched in Malaysia in Q1 2024. Here how that affects things.
Late last year, the electric vehicle game changed in Malaysia with the introduction of the Tesla Model Y and Tesla Model 3. These rocked the market and shifted things for the mass-market Chinese manufacturers like BYD and GWM but also changed things for the premium European brands. We created an excel sheet to help determine which electric vehicles present the best value for money objectively based on total system output and range. Our initial findings can be found here and here.
With Q1 2024 over, there have been a number of new players from China including MG and Chery plus additional EV launches from BYD (Seal) and GWM (Ora 07). These two brands have also updated the pricing of some of their existing models to help make them more competitive. After updating our excel sheet with the new entries and updated prices for the BYD Atto 3 Standard Range, and both Ora Good Cat variants, here’s what we found.
Horsepower Value
The best Ringgit per PS metric is now dominated by MG with the MG4 XPower. It delivers 435PS for just RM159,629. The BYD Seal Performance AWD comes in second with 530PS for RM199,800. The Ora 07 Performance is in third place with 408PS for RM189,800. These three new Chinese launches push the Tesla Model 3 and Y Long Range AWD variants out of podium placement and into 4th and 5th place. They’ve also done so without breaking the RM200,000 mark.
Torque Value
Torque is a given in the world of electric vehicles. Even the rather middling Hyundai Kona Electric e-Lite manages to get 4th place in terms of RM per NM. That being said, we see the same new RM per PS winners return for the podium in this metric as well. The MG4 XPower is once again the best value performer here, delivering 600Nm of torque for just RM159,629. 2nd and 3rd places have swapped around this time with the Ora 07 Performance delivering 680Nm of torque at RM189,800 and the BYD Seal Performance AWD giving 670Nm of torque at RM199,800. It should also be noted that all three of these cars are close to supercar levels in terms of acceleration. The MG4 XPower and BYD Seal Performance do the century sprint in under 4 seconds while the Ora 07 Performance does it in just 4.3 seconds. The Seal Performance AWD has the upper hand in terms of range with 520KM on a full charge.
Range Value
As for the all-important range-value, here we must broaden our nets to see what the effect of new launches have been. Previously, the Tesla Model 3 presented some really impressive range for the Ringgit but now the top 10 is utterly dominated by Chinese EVs. In first place again is the MG4, but this time it’s not the XPower variant but the Lux Extended that delivers on value. This model is rated at 520KM of range for just RM149,629. Both BYD Dolphin models take the 2nd and 3rd spots with 427KM and 340KM range at RM124,900 and RM99,900 respectively. The other MG4 variants (Lux and Standard) come in 4th and 5th place before BYD snatches back 6th place with the Seal Premium Extended (570KM for RM179,800). The Ora 07 Long Range comes in 7th (fittingly) with 512KM at RM169,800. The Neta V Deluxe somehow hangs with the big boys in 8th place even with just 300KM at RM100,000. The new Chery Omoda E5 makes its first big win in 9th place with 430KM at RM146,800. The only discounted model to make the top 10 is the Ora Good Cat 400 Pro with 310KM at RM114,500.
Conclusions
The discounting doesn’t really change the value prospects of the existing models, and new launches can seriously undermine the value proposition of existing products. Launching late also presents its own issues as the pool of potential EV buyers gets slimmer with each day, plus Proton and Perodua’s sub RM100K EVs are on the horizon. The discounts also indicate that the market for EVs in Malaysia has become a cut throat game. Chinese brands will have to resort to more branding and marketing efforts to float above the pure value assessment of their vehicles. Buyers should also shop around to see which brands offer the best warranties, infotainment options, charging credits, charger installation deals and more as the ball really is in the court of the customer for this market.
If you’re considering an EV yourself, now is a good time. There are still a few more launches on the horizon, but there always will be. Depreciation will be a tough pill to swallow should prices be slashed further, so just accept the vehicle’s total depreciation after the warranty period is over as a reality – after all, you are paying 0 excise duty and 0 import taxes. We would also advise keeping an ICE or hybrid vehicle at home for long-distance travel or emergency use, a single EV household in Malaysia is currently still unadvisable. Also consider the benefits of faster AC charging. 7kW is the bare minimum, 11kW is decent, but 22kW should be considered if you can afford it. The different in charging time can be literally night and day.
