Maybank welcomes Tesla, acts as key EV financier in Malaysia

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  • Tesla buyers to enjoy up to 90% financing through Maybank’s EV Financing
  • Mobilized approx US$68 mil auto financing for EV, hybrid cars in M’sia in 2022 

(L-R): Lee Fond Nee, vice president, EV Product Owner, Etiqa; Shahrul Azuan Mohamed CEO, Etiqa General Takaful; Chris Eng, chief strategy officer, Etiqa; Hamirullah Boorhan, head of Community Financial Services Malaysia; Isabel Fan, Tesla country director for Hong Kong & Singapore; Justin Chan, Tesla regional manager Financial Services & insurance; Mazlina Muhammad, head, Sustainable Solutions, Group CFS and Shahril Azuar Jimin, Maybank chief sustainability officer

In conjunction with Tesla’s announcement to enter the electric vehicle (EV) auto market for their Model Y in Malaysia, Maybank Bhd issued a media statement affirming its involvement as the key EV financing partner for Tesla in the country, aligned with its strategic aspirations to become the leading ESG financier in ASEAN.

It said its strategic partnership with the EV manufacturer provides a holistic and integrated auto financing solution for Tesla buyers.

According to the bank, Tesla buyers opting for financing will enjoy preferential and competitive financing rates, as well as flexible repayment options, with up to 90% financing through Maybank’s EV Financing.

The streamlined application process provides prospective Tesla buyers with an integrated automobile financing offering insurance/takaful coverage and other benefits, it said.

The EV Financing offers a swift one-day approval with a dedicated auto sales team personally attending to each customer. Upon making the purchase for their Tesla online, buyers can opt for Maybank’s EV financing, ensuring a seamless and convenient process from start to end, it added.

Furthermore, the first 100 Tesla buyers under Maybank’s integrated auto-financing stand a chance to receive an initial investment worth US$109 (RM500) through Maybank Islamic’s Gold Account (MIGA-i).Maybank welcomes Tesla, acts as key EV financier in Malaysia

Khairussaleh Ramli (pic) , Maybank group president, and CEO commended the partnership, cognizant of Maybank’s role to proactively offer holistic sustainable financing solutions to facilitate the national agenda towards a low-carbon economy.

“This is evident through the bank’s continued introduction of several green financing solutions in the past to support its customers’ eco-conscious ventures in line with its purpose of Humanising Financial Services,” he said.

“Tesla’s innovations bolstered by Maybank’s innovative financial solutions will contribute to the growth of the EV market in the country, driving sustainable mobility solutions as well as enhancing the adoption of clean energy in reducing carbon emissions,” Khairussaleh added.

The partnership signifies the bank’s driven commitment to accelerate EV solutions, addressing the needs of customers across every aspect of owning an EV, including financing, insurance protection, and a range of exclusive privileges. Khairussaleh further explained, “We want to continue offering comprehensive sustainable financing solutions that will encourage Malaysians to consider a more viable lifestyle and at the same time deliver greater value by making the customer’s EV ownership journey accessible, convenient, and more rewarding in line with Maybank’s sustainability agenda.

“In 2022, we mobilized approximately US$68 million (RM310 million) auto financing for EV and hybrid cars in Malaysia. We have since increased our EV and hybrid financing growth to 54% with a total mobilization of almost US$105 million (RM480 million) as of May this year alone,” he said.

[RM1 = US$0.220]

Also at the forefront of market-leading products, Khairussaleh added, as a regional leader in insurance and takaful that champions sustainability, Etiqa is pleased to offer Tesla Ensure.

“This is a holistic motor insurance and takaful proposition for Tesla customers that is in line with Maybank’s support for the government’s target to grow the EV market to 38% by 2040,” he said.

In addition to Etiqa’s Basic Motor Package, Tesla Ensure policy and certificate holders will receive complimentary coverage. This includes EV Home Charger coverage, which provides reimbursements of up to RM12,000 to replace or repair the EV home chargers due to loss or damage, a one-time Special Relief Allowance due to total loss and theft, Driver-only Personal Accident Coverage, Flood Relief Allowance, and Compassionate Benefits.

Etiqa has also launched the first portable charging cable coverage in the market as part of optional add-ons, offering coverage for theft, fire, and accidental damage up to a limit of RM2,000. 

In the group’s mission to provide a holistic solution for its customers that goes beyond banking, Maybank Islamic established a partnership with ParkEasy to extend value-add benefits to EV and hybrid car owners, such as access to ParkEasy’s 1,200 EV charging bays nationwide at 30% discounted rates.

It said through ParkEasy’s app, InCharge, Maybank Islamic also provides InCharge credits totaling up to RM500 for EV Islamic financing amounts of RM250,000 and above.

It added that it is on target to achieve its RM80 billion mobilization for sustainable financing throughout ASEAN by 2025. Upon the launch of the bank’s sustainability product framework, Maybank said it has been making strides in financing various sustainability efforts within various sectors, with a cumulative mobilization of RM35 billion in the past two years.