December 12th, 2023, Kuala Lumpur, Malaysia – In a landmark move to reinforce its presence in Southeast Asia, Geely Holding Group (“Geely Holding”) has partnered with DRB-HICOM (“DRB-HICOM”) to form a joint venture focusing on the recently announced Automotive High-Tech Valley (“AHTV”) project. Simultaneously, Geely Holding’s subsidiary, GYMD Digital Technology Co., Ltd. (“GYMD”), has entered into a Heads of Agreement with ALTEL Group Sdn Bhd (“ALTEL”), further showcasing its commitment to diversify industrial growth. These initiatives mark a pivotal moment for Malaysia’s automotive sector, ushering in a new era defined by innovation and progress.
The AHTV joint venture aims to position Malaysia as a prominent hub for next-generation vehicles within an integrated automotive and mobility ecosystem. This encompasses advanced research and development facilities, state-of-the-art manufacturing units, and supportive services like logistics and training – all framed within a sophisticated smart city framework. It is a strategic move set to elevate Malaysia’s standing in the automotive sector.
The Heads of Agreement between GYMD and ALTEL expands cooperation into key areas, including digital transformation, smart logistics, and advancements in the energy sector. This amplifies Geely Holding’s commitment to seamlessly integrate modern technology into automotive and related sectors, affirming its dedication to stay at the forefront of technological innovation.
Signatories for the AHTV joint venture agreement between Geely Holding and DRB-HICOM include Geely Holding CEO, Daniel Li, and DRB-HICOM Group Managing Director, Tan Sri Syed Faisal Albar. For the Heads of Agreement between GYMD and ALTEL, signatories include GYMD CEO, Wang Xiaohu, and ALTEL Director, Dato’ Sri Amrin Awaluddin. The two signed agreements were exchanged in the presence of Malaysian Prime Minister, Dato’ Sri Anwar Ibrahim, and Geely Holding Chairman, Eric Li.
Geely Holding’s strategic collaboration in Malaysia signifies a crucial milestone in its journey to foster a globally competitive automotive ecosystem. The partnerships with DRB-HICOM and ALTEL go beyond mere business expansions as they represent the company’s commitment to innovative growth and sustainable development in the automotive sector, with the goal of enriching the local industry, contributing to technological advancements, and supporting the socioeconomic progress in Malaysia.