Careplus-GoAuto JV to build green tech facility for EV manufacturing in Rembau
12 Jan 2024
NexV Manufacturing Sdn Bhd (NMSB), a joint venture (JV) company between Careplus Group Bhd and GoAuto Group Sdn Bhd, will commence the construction of the country’s first green technology facility dedicated to the manufacture and assembly of new energy vehicles (NEVs), including electric vehicles (EVs), in Chembong, Rembau, Negeri Sembilan.
The healthcare group, which received the green light from the Ministry of Investment, Trade and Industry to manufacture and assemble energy-efficient vehicles in October last year, said the facility is expected to begin operations in the first quarter next year.
The plant will have a capacity of 30,000 vehicles per year, in which one-third will comprise the assembly of Neta models through the JV between Careplus and Intro Synergy Sdn Bhd (a GoAuto subsidiary), Careplus said in a statement on Friday.
It will also not only assemble Neta vehicles, but be open to working with other NEV brands intending to carry out completely knocked-down assembly of passenger and commercial EVs or electric motorcycles.
“The Malaysian Investment Development Authority (Mida) applauds NMSB for its commitment to innovation, green energy and industry leadership, advancing Malaysia’s status as a major player in the EV industry, while placing the nation at centre stage as a pivotal global impetus.
“We stand ready to offer our full support and facilitation to local businesses, ensuring a seamless journey for businesses aiming to thrive in our dynamic and competitive market,” according to Mida chief executive officer Datuk Arham Abdul Rahman.
Meanwhile, Careplus group CEO Lim Kwee Shyan said the group hopes that with the assembly of the Neta V model, more Malaysians will be able to accept and support products produced in Chembong.
Phase 1 of the project involves the development of an assembly plant, expected to begin in the first quarter of 2024. Meanwhile, Phase 2 will begin in 2026, and Phase 3 in 2028, expanding to an even bigger production capacity of 50,000 units per year.
The group highlighted that total investment in the plant development is about RM600 million.
At Friday’s market close, shares in Careplus traded half a sen or 1.23% lower at 40 sen, giving the group a market capitalisation of RM240.93 million.
Source: The Edge Malaysia
