BYD to announce future plans for Malaysia ‘within a week’

 The company says it would continue exploring cooperation with local partners, sees growth potential in East Malaysia.

BYD vice-president Liu Xueliang said the company has reaffirmed its commitment to long-term investment in Malaysia despite developments that have affected the progress of its plans. (BYD Asia Pacific pic)

SHENZHEN:

Plans by Chinese electric vehicle giant BYD for further expansion in Malaysia are expected to be announced within a week, amid questions over whether the car maker will collaborate with a local partner or establish its own manufacturing facility.

BYD vice-president Liu Xueliang said the company would continue exploring cooperation with local partners to support the development of Malaysia’s new energy vehicle industry.

“Our development in Malaysia has been progressing very well. Very soon, we will announce our approach towards sustainable development,” he told a visiting Malaysian media delegation here.

Asked whether BYD would pursue cooperation with a local partner or opt for another approach, Liu remained tight-lipped, saying: “Wait another week and we will announce it.”

BYD’s plans, particularly over its local manufacturing strategy and potential partnerships, have come under attention after the company’s plans for a plant in Tanjung Malim appeared to have stalled in March. The government later announced that fully imported electric vehicles must have a minimum import value of RM200,000 from July, following claims circulating on social media regarding conditions imposed on BYD’s manufacturing licence and other related policies.

In May, it was reported that BYD was evaluating a potential contract assembly partnership with Sime Motors’ Inokom plant in Kulim, as the Chinese company reviewed its local manufacturing strategy in Malaysia.

Liu said BYD has reaffirmed its commitment to long-term investment in Malaysia despite developments that have affected the progress of its plans,.

He said East Malaysia was a market with significant growth potential. “We believe East Malaysia still has significant room for development, but first, we hope to have suitable models for the East Malaysian market,” he said.

Liu said BYD’s strategy is focused on Malaysia as a whole and is not confined to any particular region.

The media meeting with Liu was held in conjunction with the Asia-Pacific Media Forum, held ahead of the meeting of Asia-Pacific economic leaders from Nov 18-19. - FMT