UOB Malaysia has introduced U-Drive, a financing solution designed to support the growth of the electric vehicle (EV) ecosystem in the country. The aim is to connect various players in the EV value chain, including automotive component suppliers, automotive brand owners, dealers, and charging point operators, with end-users.

Through U-Drive, automotive brand owners looking to expand into new markets can access UOB’s green facilities for their working capital needs. Additionally, car dealers planning to expand their EV inventory and charging point operators seeking to procure and install charging infrastructure can also benefit from UOB’s financing options.

Not only does UOB offer financing solutions, but the bank is also equipped to provide market insights and foreign direct investment advisory services to EV original equipment manufacturers (OEMs) seeking to penetrate the Malaysian market.

UOB Malaysia has initiated U-Drive in collaboration with several key players in the local EV industry. These include Great Wall Motor (Malaysia), a leading Chinese auto manufacturer; Sime Darby Motors, one of Asia Pacific’s prominent automotive groups representing global brands such as BYD and BMW; Perak Transit, an integrated public transportation service provider; chargEV by Yinson GreenTech; and PowerBee, an e-mobility subsidiary of Solarvest.

Ng Wei Wei, CEO of UOB Malaysia, expressed confidence in Malaysia’s potential to become a thriving EV marketplace, citing the country’s diverse mobility landscape, focus on sustainability, and established track record as an electrical and electronics manufacturing hub in Southeast Asia.

While the Malaysian EV industry has shown progress, there is still room for growth. However, Ng praised the concerted efforts of the government, industry associations, and key players in the EV value chain, as they work together to accelerate the development and adoption of green mobility in the country.

The launch ceremony for U-Drive was officiated by Anthony Loke, Minister of Transport Malaysia, and was attended by representatives from the Malaysian Investment Development Authority (MIDA), Malaysian Green Technology and Climate Change Corporation (MGTC), and the Zero Emission Vehicle Association (ZEVA), who shared their expert insights on the EV industry.

Source: UOB Malaysia