Geely Holding, DRB-HICOM to promote development of Automotive High-Tech Valley in Malaysia

Beijing (Gasgoo)- On October 11, Geely Holding and DRB-HICOM Group inked a primary cooperation framework agreement for the development of the Automotive High-Tech Valley (AHTV) in Tanjong Malim, Malaysia. 

Signing ceremony; photo credit: Geely Holding

This collaboration aims to support the growth of the AHTV's new energy innovation industry and promote the transformation and upgrading of Malaysia's automotive industry towards greater intelligence and sustainability.

In a global automotive landscape witnessing a surge in electrification and smart technologies, Malaysia is vigorously promoting the transformation and upgrading of its automotive industry, focusing on technological innovation and enhancing synergy within the industry supply chain. The AHTV serves as a center for innovative new energy vehicles in Malaysia. 

Geely Holding, working alongside DRB-HICOM, will contribute to the development of the AHTV by focusing on automotive R&D, manufacturing, testing, and component manufacturing, bolstering talent development across the entire industrial chain. The goal is to establish the AHTV as a hub for new energy and technology research and manufacturing in the ASEAN region. 

As part of the AHTV initiative, Geely Holding's aerospace subsidiary, Geespace and Malaysia's telecommunications company, Altel, have signed a framework cooperation agreement to jointly advance high-tech research and system applications, accelerating the implementation of solutions in smart ports and other areas.

In 2017, Geely Holding acquired a stake in Proton Cars, a subsidiary of DRB-HICOM in Malaysia, taking charge of Proton's comprehensive management and providing continuous support in products, technology, talent, and management, contributing to enhancing Proton's local innovation and component system development capabilities. 

With the collective efforts of the Sino-Malaysian team, Proton's sales have grown for four consecutive years, from 64,744 units in 2018 to 141,432 units in 2022, marking a 118% increase in sales and transforming losses into profits. By the end of 2022, Proton's revenue tripled, securing the second-highest sales and market share in the Malaysian market for four consecutive years, and ranking first in overseas exports. The brand's competitiveness has significantly improved, placing it on a path of stable and rapid development.