Local company to invest RM5 bln in electric vehicle project

KUALA LUMPUR, July 29 (Bernama) -- Plan are afoot to set up an electric vehicle smart manufacturing plant on a 161.87-hectare site at the Enstek Industrial Park in Negeri Sembilan with an investment of RM5 billion.

The Malaysian Institute of Economic Research (MIER) chairman Tan Sri Dr Kamal Salih said the project will be developed by a local investor, partnering with Elenvi Otomotif Sdn Bhd.

“MIER has been tasked by Elenvi and the investor to conduct a feasibility study and business, investment and financial plan which will be presented to the Prime Minister for his consideration.

“This is a private sector investment and it will be up to him (Tun Dr Mahathir Mohamad) to decide if it should be our third national car,”  he told reporters at the MIER’s 34th National Economic Briefing here, today.

MIER did not provide any details of the private funder for the investment.

Kamal said the first electric car showcase will be launched in October by Prime Minister Tun Dr Mahathir Mohamad and the vehicles will be designed and manufactured for both local and export markets.

MIER earlier signed several memorandums of understanding (MoUs) with 20 strategic partners, including Elenvi for the electric vehicle smart manufacturing project.

The MoUs highlighted seven technologies, including the electric car, solid state hydrogen, 5G and biojet fuel from palm oil.

The MoUs signing was part of MIER’s new research plan for the period of 2019-2023 dubbed "Crouching Tiger Plan” which was inline with the new government’s aspiration to achieve “shared prosperity 2030”.

Kamal said the plan consisted of three main objectives, namely tackling income and wealth disparity, creating a progressive economy that is of high value and knowledge-based, as well as for the country to emerge as a leading economy in Asia.

“We hope that the proposed concept and planning can be further scrutinised by people at all levels and groups.

“And it will be brought to the grassroots level for feedback and to garner better ideas before it is included in the 12th and 13th Malaysian Plans in order to achieve shared prosperity by 2030,” he added.

-- BERNAMA