Geely’s RM30bil investment boost for EV sector - MIDA | Malaysian Investment Development Authority
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Geely’s RM30bil investment boost for EV sector

Geely’s RM30bil investment boost for EV sector

07 Apr 2023

Chinese automaker Zhejiang Geely Holding Group Co Ltd will invest RM30bil in the development and commercialisation of the Automotive High-Tech Valley (AHTV) in Tanjung Malim, Perak, says Science, Technology and Innovation Minister Chang Lih Kang.

He said the AHTV will open a new chapter in the electric vehicle (EV) ecosystem in Malaysia and it encompasses the automotive and mobility value chain, from high-tech global research and development centres and related support services for the new energy vehicle industry in Malaysia.

Geely’s investment was in line with the strategic framework for EV development in the country developed by the Science, Technology and Innovation Ministry (Mosti), Chang said in a press conference in Putrajaya, in conjunction with the results of Prime Minister Datuk Seri Anwar Ibrahim’s recent official visit to China, as reported by Bernama.

“Under that strategic framework, we aim for EV usage to reach 38% by 2040 and this (investment) would be a good start.

“It would help us to build a complete ecosystem on EV and I am convinced that we are able to achieve the 38% of EV usage,” he said.

Chang said two more EV companies from China, namely, China Harmony Auto Holding Ltd and GAC AION New Energy Automobile Co Ltd, have also shown interest in investing in the country’s EV development and their representatives will be in Malaysia tomorrow to survey the EV ecosystem.

He said Mosti will also receive an investment of RM2.5bil from China’s Shanghai DC-Sciences Co Ltd for the development of a data centre in Sedenak, Johor.

Through Anwar’s visit to China, Malaysia received the highest investment commitment in history amounting to RM170bil from Chinese investors, as a result of the signing of a total of 19 memoranda of understanding sealed between Malaysian and Chinese companies.

“Mosti got RM32.5bil out of the total RM170bil investments received by the country as a result of the prime minister’s visit to China,” said Chang, who described Anwar’s visit as “very successful”.

Source: The Star