In the automotive industry, keeping manufacturing costs as low as possible is paramount, as the higher the cost, the less competitive one becomes. How a market thrives – or doesn’t – is largely determined by …
In the automotive industry, keeping manufacturing costs as low as possible is paramount, as the higher the cost, the less competitive one becomes. How a market thrives – or doesn’t – is largely determined by its ability to secure or produce elements in the supply chain, be it in the form of components or materials needed for production, in cost-effective terms.
In this regard, Malaysia is lagging behind, and that’s an important factor curbing its growth. That’s the opinion expressed by Geely chairman Li Shufu, who said the competitiveness of Malaysia’s automotive industry is being restricted by its automotive supply chain costs, which is about 30% higher than China’s and more than 10% higher than Thailand’s., Li said that the fundamental reason for the high cost of Malaysia’s automotive supply chain lies in the lack of competitiveness of local parts.
He said that Malaysia’s automotive parts supply still relies heavily on overseas imports, and that the relatively small size of the local automotive market meant it was difficult to get enough scale to keep costs down. Having realised the seriousness of the matter, Li said that that one of Geely’s current priorities is to help improve the competitiveness of the country’s automotive industry’s supply chain. He stressed that Geely will promote the localisation of Malaysia’s auto parts industry by introducing advanced global auto parts companies into the market and strengthening cooperation with local suppliers.project.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
35 promising young individuals from Singapore on Forbes’ 30 under 30 Asia listPETALING JAYA: World No. 10 Lee Zii Jia was in commanding form as he advanced to the Thailand Open quarter-finals in Bangkok on Thursday.
Read more »
Malaysian youths shine in Forbes 30 Under 30 Asia listPETALING JAYA: Cardiff City Football Club, the Welsh-based side owned by Tan Sri Vincent Tan, has enjoyed success and progression on several fronts during the 2023-2024 season.
Read more »
Four Malaysians, including a national squash champ, named in Forbes’ 30 under 30 AsiaKUALA LUMPUR, May 17 — National squash player Sivasangari Subramaniam is among the four Malaysians who made it to the Forbes’ 30 under 30 Asia list this year. Sivasangari, 25,...
Read more »
Malaysian illustrator makes waves on Forbes' '30 Under 30 Asia' listJOHOR BARU: Seven people, including two students and a 62-year-old man believed to be a member of Jemaah Islamiah, have been arrested following the attack on the Ulu Tiram police station.
Read more »
Forbes 30 under 30 Asia - Four Malaysians make the cutIN January, three Malaysian women made the cut for the 50 over 50 Forbes list that highlighted 50 inspiring women over 50 years old across the Asia-Pa...
Read more »
Squash Queen Sivasangari & 3 Other Malaysians Featured In Forbes' 30 Under 30 Asia ListThere are also 27 Singaporeans on the list.
Read more »