Not Indonesia, Geely First Invested In Malaysia For EV Development

Smart #1, Mercedes-Benz AG and Geely are co-owners of Smart Automobile. (Doc. Smart Automobile)

JAKARTA - Recently, Geely invested in Malaysia with a value of around 10 billion US dollars or around Rp. 156.49 trillion, as an effort to play a role in the competition for the electric car market in Malaysia and Southeast Asia.

In planning this investment, the Chinese company collaborated with local automotive manufacturer Proton to strengthen its commitment to bringing more electric vehicles (EVs) to the market.

Geely's move is reinforced by the presence of electric vehicles from Smart Automobile, which is a subsidiary of Geely and Mercedes-Benz Group. The vehicle also enlivened Malaysia International Motor Expo.

As is known, Geely owns 49.9 percent of Proton's shares, making it easier for her to distribute her vehicles in Malaysia. In addition, Proton and Smart Automobile have struck an agreement to become the official EV distributors in the Malaysian and Thai markets.

Li Shufu, as Chair of Geely, expressed his enthusiasm for the EV market in Southeast Asia and wanted to expand its market to various regions, especially Indonesia.

"We believe in market prospects in Southeast Asian countries and we are committed to jointly building regional economic integration through high-quality development," Li Shufu said as quoted by Nikkei Asia on Thursday, November 9.

Previously, Geely had also shown interest in developing EVs in Indonesia in the future, in line with the aspirations of the Government to achieve its EV ownership target by 2025 or 2026.

Geely, as one of China's leading automotive manufacturers founded in 1986, became one of the pioneers in automotive development in China, both in combustion engines and electric vehicles (EVs). The company is also the parent of various well-known brands such as Volvo Cars, Polestars, and Zeekr, and plays a role in presenting EVs globally.