First published 12 April 2026 from a video published on 2 April 2026; fact-checked and updated on 17 October 2026 against Perodua's own releases and the Malaysian Automotive Association (MAA). The video calls Perodua's EV the "eMO". The car on sale is the QV-E; "eMO" was the name of an earlier concept. Figures that could not be confirmed are marked HELD. The dated amendment at the foot of the page lists every change.
Perodua's formula has been simple and effective since the company was founded in 1993: take proven Japanese platforms, localise for Malaysian roads and incomes, price aggressively, and deliver reliability. It works. Perodua registered 359,904 cars in 2025, a record, and estimates its market share at 43.9%, so more than four in every ten new cars sold in Malaysia is a Perodua. The question is whether that formula, which runs on affordable ICE vehicles, survives the EV transition.
The QV-E's launch on 1 December 2025, and a price cut within seven months, is the clearest signal yet that the answer isn't straightforward. The video says the car recorded zero registrations in January 2026 and one in February; we could not confirm that from JPJ or MAA data (HELD). What Perodua itself said in January 2026 was that the QV-E's and the Traz's impact on its sales "will only be seen in 2026".
Ziet Invests traces Perodua's journey from 'second national car' to Malaysia's dominant brand. Our contributors take the three angles that matter: what the QV-E numbers mean for investors and the automotive sector, what Perodua's structural advantages actually are and where they don't translate, and what it means if you're buying a car in 2026.
Adam Tan — growth lens
Perodua's dominance is real but the QV-E launch tells you where the risk is.
359,904 registrations in 2025 against a total industry volume of 820,752 (MAA) gives a share of about 43.9%, the figure Perodua itself quotes. Perodua's best sellers in 2025 were the Bezza (100,488 units), the Axia (84,291) and the Myvi (72,724). Perodua has compounded this position for two decades by doing one thing well: making cars Malaysians don't regret buying. Not exciting, not aspirational, just reliable and affordable.
Perodua's own website describes its partnership with Daihatsu Motor Company of Japan as central to how it builds its cars. The video says Daihatsu holds 20% and that over 90% of ICE parts are locally sourced; we could not confirm either number from a primary source (HELD). What Perodua does say is that it is localising the QV-E: over 50% of components by early 2026 and 70% by 2030, with 52 Malaysian suppliers at launch. That is a lower starting point than the ICE range and a sign that the cost advantage does not carry over automatically.
The QV-E is a warning sign on price. It launched on 1 December 2025 at RM80,000 for the car body, without the battery or insurance, with the battery on a "Battery as a Service" subscription of RM275 a month for 108 months. That totalled RM109,700, which is where the video's roughly RM110,000 came from. On 15 June 2026 Perodua changed the pricing: RM93,999 to own outright, or RM69,999 for the body plus RM215 a month for nine years, with a special price of RM87,499 outright or RM63,499 plus RM215 a month that ran to 30 September 2026. Existing buyers' fee fell from RM275 to RM215. Perodua says the QV-E's main target buyers are middle-income earners and above, as additional or replacement cars, which is a different audience from the first-time, lower-income buyer the video describes.
The RM800 million Perodua says it took to develop the QV-E is its biggest single bet. If the EV transition accelerates faster than expected, Perodua's cost advantage, built on ICE supply chains and Daihatsu platforms, could become a liability rather than an asset. That is my reading, not a published forecast. The Ministry of Finance's Fiscal Outlook 2027 notes that the duty exemption on locally assembled electric vehicles has been extended to the end of 2027, and MAA says battery EV sales rose 78% in 2025 before the CBU BEV incentives expired on 31 December 2025.
My read: Perodua's ICE business will dominate for years; I would put that at five to seven years, which is my judgement. But the EV pricing gap is closing fast. If you invest in listed companies with Perodua exposure (check each company's annual report for the stake; we have not verified shareholder percentages), watch Perodua's EV sales numbers quarterly. The QV-E is the canary.
Daniel Lim — steady lens
Let's separate what Perodua has proven from what it's assuming.
Proven: three decades of consistent execution, with Perodua's own records showing annual sales of 358,102 in 2024 and 359,904 in 2025. The Daihatsu platform strategy works: it delivered the Myvi, Axia, Bezza and Alza, and the Bezza, Axia and Myvi were Malaysia's top three models by registration in 2025 on Perodua's figures. The video says four Perodua models rank in the top five most-wanted used cars in Malaysia, which would show the resale feedback loop is real; we could not confirm that ranking (HELD).
The service network advantage is underrated. Perodua lists its outlets and after-sales services on its website, and the video argues the network far outnumbers Proton's 180 centres; we could not confirm Proton's count (HELD), so check the nearest authorised centre yourself.
Assumed: That the same formula translates to EVs. Here's where I'd slow down.
The QV-E's battery subscription makes sense from an engineering perspective. Perodua says the subscription includes battery protection, replacement and insurance, and the earlier RM275 fee was capped for 108 months. But Perodua's audience thinks in monthly payments. On the current pricing the subscription is RM215 a month on top of the car loan, still a psychological barrier. The price cut within seven months suggests demand needed a nudge, although we have no registration data to say how large the gap was.
More importantly, Perodua's cost advantage in ICE comes from decades of supplier relationships, CKD localisation and Daihatsu engineering. None of that transfers directly to EVs. Perodua's own localisation targets for the QV-E are over 50% now and 70% by 2030. The video says battery cells come from China and that the RM800 million is modest next to BYD's quarterly R&D spend; we could not confirm either (HELD).
What I'd watch: Don't panic about the 'end of Perodua' narrative. ICE sales remain strong. But if you're making a 9-year car financing decision today, factor in that the EV landscape will look different by 2030. Perodua showed a concept called C2 at KLIMS in June 2026 and says it will be the basis for its future EV. Its next model, not the QV-E, may be the real test of whether it can compete in electric.
Sarah Abdullah — action lens
Buying a new car in 2026? Here's how to evaluate whether Perodua is still your best option.
Prerequisites:
- Know your monthly budget (total car cost, not just instalment)
- Check current bank hire purchase rates (banks set these; the OPR is one influence, not the rate itself)
- 30 minutes with a calculator
Step 1: Calculate true monthly ownership cost, not just the instalment. Perodua's website lists the Axia from RM22,000 (we could not open the price page to confirm which variant that is). On 3 August 2026 it cut the price of the 1.0G in Peninsular Malaysia from RM38,600 to RM33,900. Take the 1.0G as an example with no downpayment and an assumed 3.0% flat rate over 9 years (your bank's actual rate will differ): interest of RM9,153 makes RM43,053 in total, or an instalment of about RM399 a month. Add your own quotes for insurance, petrol and maintenance.
For the Perodua QV-E at RM69,999 for the body with the battery subscription, on the same assumptions: interest of RM18,900 makes RM88,899 in total, or about RM823 a month, plus the RM215 battery subscription, for about RM1,038 a month before insurance, charging and maintenance. That is roughly 2.6 times the Axia's instalment. (The video and an earlier version of this piece used the RM275 subscription and the RM80,000 launch price; both have changed.)
Step 2: Compare with Chinese EV alternatives. Get written quotes from the BYD and Chery distributors for the model you are considering, with the battery included, and run the same instalment calculation. We could not reach BYD's Malaysian price list, so we removed the Dolphin's price and instalment figures that an earlier version of this piece quoted (HELD). Factor in lower fuel cost (electricity vs petrol) but potentially higher insurance and uncertain long-term parts availability.
Step 3: Check resale value data before signing. Perodua ICE models are Malaysia's best sellers, which is the base for resale demand: the Bezza, Axia and Myvi were the top three registered models in 2025 on Perodua's figures. EV resale values are still unproven in Malaysia. If you plan to sell in 3 to 5 years, an ICE Perodua is currently the safer bet for value retention. That is my judgement, not a published residual-value figure.
Step 4: Factor in maintenance access. Perodua's website lists its outlets and after-sales services; check how far the nearest authorised service centre is before committing, for any brand, and ask about parts lead times in writing.
Step 5: Don't rush into EV for savings alone. The fuel savings are real (electricity is cheaper per km than petrol), but the higher purchase price and battery subscription can cancel that out at Perodua's price segment. Run the 5-year total cost comparison before deciding.
Common mistake: Comparing the QV-E's launch price of RM80,000 directly to an Axia. The QV-E's total over the battery contract is about RM93,200 (RM69,999 plus 108 payments of RM215) or RM93,999 to own outright, and the special prices ended on 30 September 2026 unless Perodua has extended them. Always compare total ownership cost.
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Source Video
This analysis drew on the following video as a primary source. Its figures were checked against Perodua's releases and MAA data; those that could not be confirmed are marked HELD above.
Amendment, 17 October 2026 (fact-check and update). Every factual claim was checked against Perodua's own press releases and website, MAA's 2025 press statement and the Ministry of Finance's Fiscal Outlook 2027. Corrected: (1) Perodua's EV is the QV-E (launched 1 December 2025); "eMO" was a concept, so the car's name is corrected throughout (the URL still contains "emo"); (2) the QV-E price changed on 15 June 2026 to RM93,999 outright or RM69,999 plus RM215 a month for nine years (special prices RM87,499 or RM63,499 plus RM215 until 30 September 2026), against the launch RM80,000 plus RM275 a month; the "about RM110,000" total (RM80,000 plus 108 times RM275 is RM109,700) is now history, and the Sarah Abdullah worked example was redone; (3) "nearly one in every two" cars became "more than four in every ten", since 43.9% is Perodua's share; (4) 359,904 registrations and 43.9% are confirmed from Perodua's 13 January 2026 release (MAA's industry volume of 820,752 gives 43.85%); (5) RM800 million is confirmed as Perodua's QV-E development cost; (6) the "core buyer is B40/M40 first-time purchasers" statement conflicts with Perodua's launch release, which names middle-income earners and above as the main target; (7) "Check current bank rates (BNM base rate affects this)" now says banks set hire purchase rates; (8) the Axia instalment of RM350 to RM400 did not match a price of RM22,000, so it is recomputed on the 3 August 2026 price of RM33,900 with the assumption stated; (9) the Myvi and Bezza "top 5 most-wanted used cars" statement is replaced by the verified top-three 2025 registrations (Bezza, Axia, Myvi); (10) "30 years" is now "founded in 1993", the date on Perodua's About page. Held: Daihatsu's 20% stake and 90% local parts sourcing; 5.5 million vehicles produced (Perodua says only "over 4 million" sold by 31 December 2021); registrations of zero in January and one in February 2026; BYD and Chery pricing and the Dolphin price of RM99,800; "four Perodua models in the top five used cars"; Proton's 180 centres; same-day parts; BYD's R&D spend; battery cells sourced from China; and the MBMR and DRB-Hicom references, which were removed as unverified. Evidence and hashes: docs/verification-log/evidence-batch-f2-oct17. The URL is unchanged.
Amendment, 17 October 2026 (review round). Also removed as unsourced in the first round: the monthly running-cost estimates ("RM700-850" for the Axia and "RM1,300-1,500" for the EV), the statement that Proton "tried to build everything in-house and burned through time and capital", and the claim that Chinese EV service centres are "concentrated in Klang Valley".