October 11, 2023 6:32am | 1 minute read
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China’s largest unlisted automobile group, geely holding group, We have signed a master collaboration agreement (MCA) with DRB-HICOM Berhad Develop Malaysia Automotive Hi-Tech Valley (AHTV).
The announcement follows an earlier promise made by Malaysian Prime Minister Anwar Ibrahim in July, when he mentioned Geely’s intention to inject a whopping $10 billion into establishing the automotive hub, Reuters reported. reported.
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Located in Tanjung Malim in western Malaysia, the project is evidence of the country’s increasing focus on automotive innovation and production.
The business aims to focus not only on manufacturing cars, but also on manufacturing high-tech components essential for new energy vehicles.
With this initiative, DRB hopes to become an attraction for domestic and foreign investment and further strengthen Malaysia’s position in the global automotive industry.
The report said DRB is a major shareholder in Malaysian carmaker Proton, with Geely also holding a 49.9% stake.
Daniel Li, CEO of Geely Holding, said: “We will work with DRB-HICOM and PROTON to jointly seize this historic opportunity through AHTV to increase investment in science and technology and develop talent. “We will continue to innovate our business and enhance our product competitiveness and brand influence.” . ”
Disclaimer: This content was created in part using AI tools, and reviewed and published by Benzinga editors.
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