Posted on 13 Dec 2023
Malaysia-based conglomerate DRB-Hicom and Chinese carmaker Geely have inked a joint venture agreement to develop the Automotive Hi-Tech Valley (AHTV) in Malaysia, Kallanish notes.
This follows the recent master collaboration agreement signed in October 2023, which set forth the underlying principles, governance framework, and mutual commitment for the AHTV project, DRB-Hicom says in a statement
The joint venture agreement outlines the key principles of the strategic collaboration, alignment on objectives, and terms of the partnership.
A joint venture company will leverage the respective strengths and expertise of DRB-Hicom and Geely Holding in establishing AHTV as the international next generation vehicle hub in Malaysia.
AHTV will encompass extensive automotive and mobility solutions across the value chain, from a full-fledged high technology global research and development centre, to world-class automotive original equipment manufacturers and manufacturing clusters.
In addition, it would support services within an associated ecosystem, such as logistics, training and learning institutions within a smart city for the automotive industry.
DRB-Hicom said earlier that AHTV aims to attract MYR 32 billion ($6.83 billion) from multiple global parties over a ten-year development period.
DRB-Hicom and Geely-owned automaker Proton also plan to fully relocate manufacturing facilities to Tanjong Malim by 2026.
Source:Kallanish
