THE iCaur 03 all-electric SUV is expected to disrupt Malaysia’s electric vehicle (EV) segment and put pricing pressure on rival brands, particularly in the entry-level to mid-range EV space.
Priced at RM119,800 for the 2WD variant and RM129,800 for the iWD (dual-motor) version, the iCaur 03 significantly undercuts many existing models while offering high-end specifications and features.
The aggressive pricing comes in well below earlier expectations of RM145,000-RM155,000.
The SUV, which was launched on Tuesday, is positioned as Malaysia’s first fully electric off-road capable SUV.
The first deliveries will be sourced as completely built-up (CBU) units from China.
Local assembly (CKD) is scheduled to begin in January 2026 at Chery Corporate Malaysia’s plant in Shah Alam, where it will join production alongside Omoda/Jaecoo Malaysia models.
iCaur Malaysia has pledged to maintain the same pricing once CKD units are available.
Strong Feature Set
The iCaur 03 delivers up to 426 kilometres of range on a single charge, supports 80 kW DC fast charging and includes premium features such as a 540-degree panoramic camera, Level 2.5 ADAS and Vehicle-to-Load functionality.
Both variants also include off-road driving capability, an increasingly appealing feature for SUVs in Malaysia’s market.
The warranty includes seven years or 150,000 km for the vehicle and eight years or 160,000 km for the battery and electric drive unit.
An unlimited charging promotion and complimentary home wallbox charger valued at RM3,400 are also part of its early bird offers.
Market Disruption
Industry observers said the new EV’s pricing will likely pressure existing brands with SUV models priced above RM130,000 to upgrade offerings or risk becoming overpriced.
“This kind of pricing and value proposition will be hard to ignore, especially in a market that is still cost-sensitive and searching for EV options below the luxury threshold,” said an observer.
The timing is also strategic.
With EV adoption gaining momentum in Malaysia, the iCaur 03 enters a competitive but under-served price segment, targeting consumers who may be considering internal combustion engine SUVs but are ready to switch if the value is compelling.
iCaur Malaysia has already launched its flagship Glenmarie dealership, with plans to expand to 18 sales points and nine full dealerships across Malaysia by mid-2025.
Competitive Implications
Brands currently retailing EVs between RM130,000 and RM160,000 could face slower sales unless they respond with better pricing, features, or ownership incentives.
Meanwhile, established brands could still maintain an edge via stronger after-sales networks, perceived reliability and broader product portfolios.
The iCaur 03 launch is also expected to indirectly benefit the EV ecosystem, including local suppliers, charging infrastructure providers and component manufacturers.
The SUV has the potential to be more than just another EV release. It might become a turning point in Malaysia’s EV market by redefining what value in an electric SUV looks like.
© New Straits Times Press (M) Bhd
