Careplus’ JV secures energy efficient vehicle manufacturing license
26 Oct 2023
Glove maker Careplus Group Bhd yesterday announced that its joint venture company with Go Auto Group Sdn Bhd, Nexv Manufacturing Sdn Bhd (NMSB), has secured a manufacturing license for energy efficient vehicles (EEV).
The license from the Ministry of Investment, Trade and Industry (MITI) is for the manufacture and assembly of EEV passenger and commercial vehicles and electric motorcycles.
GoAuto is partly owned by Naza Group founder the late Tan Sri SM Nasimuddin Kamal’s son, Datuk Sheikh Mohamad Azli Sheikh Mohamad Nasimuddin Kamal.
In a filing with Bursa Malaysia Securities Bhd, Careplus said MITI had on October 24, 2023, granted a manufacturing license under the Industrial Co-ordination Act 1975 to NMSB.
Careplus plans to set up a new energy vehicle (NEV) manufacturing hub on 73.34 acre land in Chembong.
On October 25, 2023 it obtained shareholders approval to proceed with its plans to diversify into the EV business.
Careplus expects to submit the building plans for its manufacturing hub by the end of 2023, and start construction of the assembly line building (Phase 1) in the first quarter of 2024 with Phase 2 being the construction of the administrative block, body and paint production building in the third quarter of 2024.
The manufacturing license secured by NMSB is subject to, amongst others, the condition that the manufacturing and assembly activities comply with requirements by the Department of Environment.
Careplus’s share price unchanged at 26.5 sen a share yesterday.