DRB-Hicom and Geely sign HOA for the development of Automotive High-Tech Valley in Tanjung Malim
DRB-Hicom and Zhejiang Geely Holding have signed a heads of agreement for the development of the Automotive High-Tech Valley into Malaysia’s automotive industry hub for the ASEAN region., AHTV will feature a fully-fledged research and development centre as well as a manufacturing cluster that is accompanied by supporting services and an associated ecosystem.
The company also announced provided updates on the same dates mentioned of its separate MOU with the Perak state government toin Tanjung Malim for the AHTV. The latest HOA announced is confirmation that the AHTV plan will proceed to the next phase and was signed by DRB-Hicom group managing director Datuk Seri Syed Faisal Albar and Geely’s chief executive officer Daniel Li Donghui in Beijing on April 1, 2023.
“Over the next 10 years, AHTV is expected to attract some RM32 billion worth of investments, including by national car company Proton. AHTV will also receive direct and indirect benefits from Proton’s plan to fully relocate its manufacturing facilities to Tanjong Malim by 2026. Proton currently produces five models in AHTV and another two models in Shah Alam, Selangor,” DRB-Hicom said.
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