A good news for Automotive industry in Malaysia from the new Malaysian Budget for 2011 which cuts down all import duty and excise duty on the imported hybrid car below 2000 cc and electric and other hybrid vehicle. So we will get the new cheaper price of Honda Civic Hybrid and Toyota Prius soon. Read full news from Thestar below.
100% CUT ON IMPORT AND EXCISE DUTY FOR HYBRID CARS
KUALA LUMPUR: In light of the Budget 2011 proposal to allow full import and excise duty exemption to franchise holders of hybrid cars until Dec 31, 2011, expect prices of such eco-friendly vehicles to get much cheaper.
One of the franchise holders, Honda Malaysia Sdn Bhd, is looking at the latest development to conduct an internal review before announcing the revised price structure for its Civic Hybrid.
“As the pioneer in introducing the hybrid technology to Malaysian market, we are pleased by the Government’s decision to extend import duty and excise duty exemption for hybrid vehicles until Dec 31, 2011 with excise duty to be given full exemption.
“The move will make hybrid vehicles more accessible for the consumers and we are looking into extending our hybrid vehicle line-up,” Honda Malaysia president and chief operating officer Rohime Shafie said in a statement.
The special move to promote hybrid cars in Malaysia was introduced in Budget 2009 where the Government had proposed a 100% exemption of import duty and a 50% exemption of excise duty on new completely built-up units of hybrid cars below 2,000cc.
Now in Budget 2011, the 50% exemption of excise duty has been raised to 100%.
This incentive is also extended to electric cars as well as hybrid and electric motorcycles.
At the moment, two franchise holders are offering hybrid cars below 2,000cc in their product line-up – Honda Malaysia with its 1.4-litre Civic Hybrid priced at RM129,980 and UMW Toyota Motor’s 1.8-litre Prius at RM175,000.
UMW Toyota Motor president Kuah Kock Heng said the full duty exemption would further reduce the price of hybrid vehicles and made them more affordable for Malaysian to enjoy the Hybrid Synergy Drive Technology.
“The Government is moving towards the right direction by promoting environment friendly vehicles.
“I believe more people could experience our most popular hybrid vehicle, the Toyota Prius, while at the same time contribute to lower the CO2 emission,” he said.
Kuah said it would be exciting to see more hybrid vehicles entering the Malaysian market as more people were now aware about the effectiveness of hybrid technology as a proven alternative to lowering fuel consumption.