Sime Darby to collaborate with TNB to accelerate electric vehicle adoption - MIDA | Malaysian Investment Development Authority
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Sime Darby to collaborate with TNB to accelerate electric vehicle adoption

Sime Darby to collaborate with TNB to accelerate electric vehicle adoption

14 Dec 2021

Sime Darby Bhd’s automotive unit Sime Darby Motors (SDM) Malaysia plans to work together with Tenaga Nasional Bhd (TNB) for two years to explore initiatives to accelerate the adoption of electric vehicles (EVs), including ensuring a network of highly efficient EV charging infrastructure is in place to support this growth.

The two parties also aim to look into other energy-efficient and renewable energy initiatives to optimise the cost of EV charging infrastructure and to reduce carbon emissions.

They signed a memorandum of understanding for this collaboration on Tuesday, according to a joint statement from them.

“We have very clear EV ambitions at Sime Darby Bhd and TNB plays a crucial role in ensuring that our goal is within reach here in Malaysia. Partners such as TNB play important roles as enablers in helping us achieve our target of a more energy-efficient product portfolio by 2025 and becoming a leader for EV in Asia Pacific,” said Sime Darby group chief executive officer Datuk Jeffri Salim Davidson, adding the group is in 19 markets in the Asia Pacific, all of which are at different stages of EV revolution.

TNB president and chief executive officer Datuk Baharin Din said TNB’s interest to accelerate e-mobility stems from the group’s ambition to create a conducive EV environment that encourages a higher EV adoption rate among the public, which will support the low carbon mobility footprint agenda for Malaysia.

He said through the collaboration, SDM Malaysia and Sime Darby as a whole could rely on TNB’s expertise in energy management and sustainable energy solutions to help achieve their mission to be future-ready in the automotive industry.

This includes expanding the EV adoption rate in the country with TNB providing the expertise in the installation of EV charging infrastructure at strategic locations along key travel routes to better support the EV community, Bahrain said. TNB will also provide reliable and stable electricity supply to the EV charging ecosystem based on the selected geographical areas that are mutually agreed upon by TNB and SDM Malaysia.

Sime Darby Motors Retail and Distribution Malaysia managing director Jeffrey Gan said SDM Malaysia represents a number of brands such as BMW, Jaguar, Land Rover, Porsche, Volvo, Hyundai and Ford, all of which have been focusing on developing greener technology products, and that SDM Malaysia will begin distributing and retailing them in Malaysia soon.

“We are committed to supporting these brands in their transition to EV and this collaboration with TNB marks a crucial part of our efforts to ensure that we have the infrastructure in place and the best in its class solutions for these technologically advanced and environmentally friendly vehicles,” Gan added.

Sime Darby shares slipped two sen or 0.93% to close at RM2.13 on Tuesday, valuing the group at RM14.76 billion. TNB closed five sen lower at RM9.23, for a market capitalisation of RM51.76 billion.

Source: The Edge Markets