Geely's RM30b investment opens new page for national EV ecosystem, says minister

PUTRAJAYA (April 6): Chinese automaker Zhejiang Geely Holding Group Co Ltd will invest RM30 billion in the development and commercialisation of the Automotive High-Tech Valley (AHTV) in Tanjung Malim, Perak, said 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 to development centres and related support services for the new energy vehicle industry in Malaysia.

Geely’s investment is in line with the strategic framework for EV development in the country developed by the Ministry of Science, Technology and Innovation (MOSTI), Chang said at a press conference here on Thursday (April 6), in conjunction with the results of Prime Minister Datuk Seri Anwar Ibrahim’s recent official visit to China.

“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 for EVs, and I am convinced that we are able to achieve 38%,” he said.

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

He said Mosti will also receive an investment of RM2.5 billion from China’s Shanghai DC-Science 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 RM170 billion from Chinese investors, as a result of the signing of a total of 19 memoranda of understanding between Malaysian and Chinese companies.

“MOSTI received a total of RM32.5 billion out of the total RM170 billion investments received by the country as a result of the PM’s visit to China,” said Chang, who also described Anwar’s visit as “very successful”.

Source: The Edge Market  

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