Proton has entered into a joint venture with Aapico Hitech, who will acquire 60% of Avee Global from Proton and invest RM40 million, with a further RM100 million planned for 2024. More on the strategic partnership, here.
Prior to this joint venture, Aapico had been present in Malaysia through Proton’s dealership business, where it owned and operated six car dealers throughout Malaysia, including four Proton dealers.
“Aapico is taking the opportunity to enter the auto parts manufacturing sector in Malaysia at this right time, with promising growth expected in the automotive industry led by strong demand for Proton vehicles and further supported by strong economic growth.
“The joint venture with Aapico will benefit Proton by helping to provide the company better cost optimisation, efficiency and quality in the production of our cars. As our volume increases in tandem with our model introduction plans, we will continue to work to ensure our products are on par with the competition in terms of features and quality while continuing to offer outstanding safety from the use of technologies such as hot press forming,” said Proton CEO Li Chunrong.
Aapico Hitech is a Tier 1 parts supplier to OEMs based in Thailand including Toyota, Isuzu, Honda, Nissan Ford, Mitsubishi and more, and in 2022 it recorded revenue of RM3.7 billion with a profit RM240 million. Founded in 1996, Aapico began with a core business of designing, producing, and installing car assembly jigs and stamping dies.
The Aapico group today is comprised of 47 subsidiaries and associate companies, of which 14 are located outside Thailand , with more than 5,000 employees.
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