KUALA LUMPUR, March 2 ― Electric-vehicle-(EV)-related stocks saw buying momentum following the Ministry of International Trade and Industry’s (Miti) approval of Tesla’s application to import battery EVs (BEVs) into Malaysia.

In early trade today, KESM Industries Bhd surged 26 sen to RM8.40, Pentamaster Corporation Bhd added 4.0 sen to RM4.94, Genetec Technology Bhd gained 2.0 sen to RM2.83 and Hong Seng Consolidated Bhd climbed up half a sen higher at 13.5 sen.

Greatech Technology Bhd was flat at RM5.10.

Miti announced in a statement yesterday that Tesla will establish a head office in Malaysia and introduce its "experience centres,” service centres as well as its ‘’Supercharger” network.

Minister Datuk Seri Tengku Zafrul Aziz said in the statement that Malaysia will strategically leverage its established electrical and electronics ecosystem to make the country the preferred investment destination for technology related to electric mobility.

The entry of Tesla has been facilitated by Miti through the introduction of the BEV Global Leaders initiative, which aims to help boost demand in the local market and further promote the development of the entire ecosystem to support EV adoption.

"In addition, the initiative seeks to secure investments from leading global BEV manufacturing companies. Tesla is the first applicant of this initiative by Miti,” the ministry said in the statement yesterday. ― Bernama