EV-related stocks advance after Tesla gets approval to import electric vehicles into Malaysia

KUALA LUMPUR: Following the Ministry of International Trade and Industry’s (Miti) approval of Tesla’s application to import battery electric vehicles (BEVs) into Malaysia. The Stocks linked to electric vehicles (EVs) experienced a buying surge.

KESM Industries Bhd increased by 26 sen to RM8.40 in early trade on Thursday. Pentamaster Corporation Bhd increased by 4.0 sen to RM4.94 and Genetec Technology Bhd increased by 2.0 sen to RM2.83. Hong Seng Consolidated Bhd increased by half a sen to 13.5 sen.

At RM5.10, Greatech Technology Berhad was unchanged.

Tesla will open a head office and launch its “experience centers.” Along with the service centers, and “Supercharger” network in Malaysia, Miti said in a statement.

According to the statement from Minister Tengku Datuk Seri Zafrul Aziz. Malaysia will strategically take advantage of its developed electrical and electronics ecosystem. To position the nation as the top investment location for technology related to electric transportation.

Miti made it easier for Tesla to enter the market by launching the BEV Global Leaders initiative. Which aims to increase demand in the local market and advance the growth of the complete ecosystem to support EV adoption.

The initiative also wants investments from top BEV manufacturing firms around the world. Tesla is the first applicant for this Miti program, according to a statement released by the ministry.