Geely plans to invest $10 billion in Malaysia - PingWest

Geely plans to invest $10 billion in Malaysia

Geely plans to invest $10 billion in Malaysia

July 20, 2023 4:01 am

Chinese automaker Geely has unveiled its plans to invest $10 billion in transforming Tanjung Malim, located in Malaysia's Perak state, into the largest automotive hub in the region.

The proposal, conveyed to Malaysia's Prime Minister Anwar Ibrahim in a letter on a Monday night, aims to boost economic growth and generate thousands of job opportunities for local residents.

Geely's strategic move comes on the back of its successful partnership with Proton Holdings Bhd., a prominent Malaysian carmaker. Geely has invested heavily in Proton since acquiring a 49.9% stake in the company in 2017, helping Proton develop new models, improve quality control and increase production capacity.

Malaysia's advantageous location and business-friendly environment have made it an alluring destination for foreign investors and automakers seeking to expand their footprint in Southeast Asia.

The investment from Geely, headquartered in Hangzhou, comes with a pledge to bolster the development of Malaysia's automobile industry, positioning the nation as a key player in the dynamic Southeast Asian automotive landscape.

Moreover, Malaysia's government is actively promoting the electric vehicle (EV) industry, aiming to achieve at least 15 percent electrified vehicles, including hybrids, out of the total industry volume by 2030. Under the National Energy Policy (2022-2040), this percentage is set to rise to 38 percent by 2040, signaling the country's commitment to embracing cleaner and more sustainable mobility solutions.

In line with this vision, the government plans to provide 10,000 public charging facilities by 2025, encompassing 9,000 units of alternating current (AC) and 1,000 units of direct current (DC) charging points. 

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