Geely's RM30 billion investment opens new page for national EV ecosystem

Chinese automative company, Zhejiang Geely Holding Group Co Ltd (Geely) 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 and development centres and related support services for the new energy vehicle industry in Malaysia.

Geely’s investment was in line with the strategic framework for EV development in the country developed by the Ministry of Science, Technology and Innovation (MOSTI), Chang said in a press conference here today, 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 on EV and I am convinced that we are able to achieve the 38% of EV usage,” he said.

Chang said two more EV companies from China, namely China Harmony Auto Holding Ltd and GAC AION New Energy Automobile Co Ltd, have also shown interest in investing in the country’s EV development and their representatives will be in Malaysia on 8th April to survey the EV ecosystem.

He said MOSTI will also receive an investment of RM2.5 billion from China’s Shanghai DC-Sciences 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 (MoU) sealed 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 Prime Minister’s visit to China,” said Chang, who also described Anwar’s visit as "very successful”.