Automaker Geely to invest $10 Billion in Malaysia to Turn it into an EV Hub

A statement from Malaysia Prime Minister Anwar Ibrahim, Chinese automaker Geely will invest $10 billion in Malaysia, transforming Tanjung Malim, Perak, into the region's largest auto city.

According to state news agency Bernama, he stated that the company's aspiration, which was conveyed to him in a letter on Monday night, would create thousands of job opportunities for Malaysians.

"This is the first time I've mentioned it. Geely, which manufactures cars alongside Proton, has written me a 10-page letter stating that it intends to keep Tanjung Malim as the region's largest auto city. "It will begin with $10 billion or RM40 billion in investment," he said at an event.

Geely Holding Group Co owns 49.9% of Malaysian carmaker Proton Holdings Bhd, while Malaysian automotive manufacturer and distributor DRB-Hicom Bhd owns the remaining stake.

DRB-Hicom and Geely signed a Heads of Agreement (HOA) earlier this year to strengthen the next phase of collaboration between the two companies for the development of Malaysia's Automotive High-Tech Valley (AHTV).

According to DRB-Hicom, the AHTV will be Malaysia's next-generation vehicle hub in Tanjung Malim, covering the entire automotive and mobility solutions value chain, from a fully-fledged high-technology global R&D centre to a manufacturing cluster, supporting services, and an associated ecosystem.

The focus of the HOA is the development of an integrated automotive city that will give birth to a hub for a new energy vehicle (NEV) industry.