Malta is a Mediterranean island country with its capital located in Valletta, with a population of more than 500,000 and a land area of 316 square kilometers. It is adjacent to Italy in the north, Tunisia and Libya in the south, and Greece and Egypt in the east. It has a superior geographical location.

Malta is compatible with Southern European, North African, Mediterranean and British cultures, and education is based on the British model. As a member of the European Union, the Eurozone, a Commonwealth country and a non-permanent member of the United Nations, it has a unique position in regional and international economic affairs.

Overview of other countries in Malaysia

1. Economic overview (2023 data)

In 2023, Malta's GDP will be US$20.957 billion, and per capita GDP will be US$37,900.

Malta has a long-term deficit in foreign trade. In 2023, Malta's total import and export of goods trade will be US$11.85 billion, of which imports will be US$8.39 billion, exports will be US$3.46 billion, and a trade deficit of US$4.93 billion.

The total trade volume between China and Malaysia is US$1.37 billion, accounting for 11.56% of Malta's total foreign trade.

2. Important trading partners

The EU and the UK are its most important trading partners.

The main sources of imports are Italy, the United Kingdom, France, Canada and other countries;

The main export destinations are Germany, France, Italy, Greece, etc.

In 2022, China will be Malta's sixth largest source of imports and eighth largest export destination.

3. Major industries and policy directions

Tourism is a pillar industry in Malta, accounting for 12.8% of GDP;

The Malta government has proposed to focus on developing the energy and education industries;

The financial industry is developing rapidly, and the government strives to build Malta into a Mediterranean financial center.

Malaysia Other Automobile Markets

Malta does not have its own car brand or automobile industry, and all cars are imported vehicles.

According to Volza's Malta import data, Malta imported 3,897 batches of cars between March 2023 and February 2024 (TTM).

These imported products are supplied by 66 foreign exporters to 71 Malta buyers, a growth rate of 56% compared to the previous year.

Other car ownership in Malaysia:

There are no railways, no high-speed transportation system, and the public transportation system in Malta is underdeveloped; domestic transportation basically relies on roads, and private vehicles are the main means of transportation; Malta's private vehicle ownership rate ranks third in EU countries and among the top in the world. In 2024, the number of registered motor vehicles in Malta will be 440,000.

Annual car sales in Malta:

Data from previous years shows that from 2005 to 2019, the average annual sales volume was approximately 7,119 vehicles. In the long run, car sales in Malta show an upward trend.

Car sales in 2019 were 8495 units, down from 9049 units in 2018. At the same time, car ownership in Malta has not declined but has grown steadily. This may be due to the impact of the used car market.

Malta government's new energy vehicle goals:

·Electric vehicles account for 20% in 2025 

·Electric vehicles account for 50% in 2030

·Sales of 65,000 electric vehicles in nine years

Malta Government's New Energy Subsidy Program:

·The subsidy budget for 2024 is 15 million euros.

·The plan supports various categories of electric vehicles.

·The subsidy amount varies depending on the type of vehicle and can cover up to 60% of the investment cost.

Infrastructure plan:

·Install 1,200 charging piles in the next three years

Market opportunities for new energy vehicles in Malta

01 Demand for commercial vehicles brought by tourism

1. Due to the vigorous development of tourism in Malta, the demand for commercial vehicles such as buses and tourist buses is increasing day by day.

2. According to statistics, 74% of the 11,900 cars that will grow in Malta in 2022 will be passenger cars.

3. Malta introduced 82 low-floor buses in 2011, the first time Golden Dragon buses were exported to the European market, with a total transaction value of more than US $10 million.

02 Subsidies from government and financial institutions

1.2018 In 2000, the government partnered with the private sector to launch a nationwide electric vehicle sharing solution, including 150 electric vehicles and 225 charging station networks, attracting 3000 paying members.

2. APS Bank in Malta has launched APS Green Financial Loan. The loan can be used to finance electric vehicles and plug-in hybrid commercial vehicles for personal use.

03 Consumer awareness and acceptance

1. Malta citizens are increasingly aware of the environmental and economic benefits of electric vehicles.

2. As fuel prices rise and climate change awareness grows, more consumers may see electric vehicles as a viable alternative.

04 Infrastructure needs such as charging piles

As of early 2024, the country had about 362 charging points, a figure far behind the government's plan to reach 1500 charging points by 2030.

Source: Yangtze River Delta new energy vehicle industry offshore base

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