PMX: Tesla is Currently Suffering Losses, Can’t Compete with EV Manufacturers from China

Previously, we shared how the Ministry of Investment, Trade and Industry (MITI) clarified how Tesla never committed to setting up a factory in Malaysia amidst a report from a Thai-based publication alleging that the electric vehicle (EV) automaker is scrapping plans to set up factories in our country and Southeast Asia.

Now, Prime Minister Datuk Seri Anwar Ibrahim has given a statement on the matter, asserting that Tesla is currently suffering losses in the global market due to competition from EV manufacturers from China.

The Prime Minister says that Tesla can’t compete with EV manufacturers from China

Speaking to reporters after launching the Guidelines on the Management and Governance of Federal Statutory Bodies in Kuala Lumpur today, Anwar said that based on the latest information obtained by the Government, Tesla is currently suffering losses and can’t compete with EV manufacturers from China. 

He added that Tesla has a large operation in Thailand compared to the fledgling EV market we have now in our country.

Anwar further revealed that he received this information directly from Tesla and not from any other sources.

Watch the video here:

Previously, MITI Minister Tenku Datuk Seri Zafrul clarified that the Government is open to any EV manufacturers investing in Malaysia through the Global Electric Vehicle Battery Leader Initiative.

He added that MITI will continue to try to attract high-quality investment to Malaysia including continuing the strategy of attracting investment in the automotive industry, which is not limited only to Tesla.

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So, what do you guys think of the whole situation? Share your thoughts with us in the comments!

Also read: Tesla Was Never Going to Set up Factory in Malaysia Despite Gov’t Meetings With Elon Musk