From dreams to reality: Geely's $10 billion boost for Malaysia's EV landscape

July 19, 2023 7:19 PM GMT+7 1 min

Chinese automaker Zhejiang Geely Holding Group Co Ltd (Geely) has announced its plan to invest USD 10 billion in the development and commercialization of the Automotive High-Tech Valley located in Perak’s Tg Malim, Malaysia, as revealed by Science, Technology, and Innovation Minister Chang Lih Kang.

Chang highlighted that the Automotive High-Tech Valley will play a pivotal role in shaping Malaysia's electric-vehicle (EV) ecosystem, covering the entire automotive and mobility value chain. This encompasses the establishment of cutting-edge global research and development centers and other related support services for the nation's new energy vehicle industry.

Geely's investment aligns with the strategic framework for EV development in the country, as laid out by Chang's ministry during a recent press conference held in conjunction with Prime Minister Datuk Seri Anwar Ibrahim's official visit to China.

Chang stated, "Under this strategic framework, we aim for EV usage to reach 38% by 2040, and this investment marks a promising beginning. It will contribute to the establishment of a comprehensive EV ecosystem, and I am confident in achieving the target of 38% EV usage."

Chang further revealed that two more Chinese EV companies, China Harmony Auto Holding Ltd and GAC AION New Energy Automobile Co Ltd, have expressed interest in investing in Malaysia's EV development. Representatives from these companies will be visiting Malaysia to assess the EV ecosystem.

Additionally, the Ministry of Science, Technology, and Innovation (Mosti) is set to receive a USD 2.5 billion investment from China's Shanghai DC-Sciences Co Ltd for the development of a data center in Sedenak, Johor.

During Anwar's visit to China, Malaysia received its largest investment commitment ever from China, amounting to USD 170 billion, a result of signing 19 memoranda of understanding between Malaysian and Chinese companies.

Chang highlighted that Mosti alone received USD 32.5 billion out of the total investment committed, resulting from the successful outcome of the Prime Minister's visit to China.

Tags: geely malaysia

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less

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