Geely and DRB-HICOM Group Sign Framework Agreement to Deepen Cooperation and Boost Malaysia's New Energy Vehicle Industry

On April 1, Geely Holding Group and Malaysia DRB-HICOM Group signed a framework agreement to deepen cooperation, which will focus on the construction of Malaysia Tanjung Malim Auto Hi-Tech Valley to start broader and deeper cooperation to help the development of Malaysia's new energy vehicle industry.

It is reported that the signing of the framework agreement to deepen cooperation between the two sides is based on the previous cooperation.

Geely Holdings took a stake in DRB's Proton Auto in 2017 and is responsible for the overall management of Proton Auto, and launched the "Big Dipper Strategy". With the joint efforts of both parties, Proton's sales have increased for four consecutive years, from 64,744 units in 2018 to 141,432 units in 2022, representing a 118% increase in sales and a turnaround in profitability.

By the end of 2022, Proton has tripled its operating revenue, ranked second in sales and market share in the Malaysian market for four consecutive years, and ranked first in overseas export sales.

With the signing of the deepening cooperation framework agreement, Geely Holding will continue to take advantage of global synergy to help build Malaysia's Tanjung Malim Auto Hi-Tech Valley as a highland for R&D and manufacturing of new energy and new technologies in ASEAN.

In addition, Geely Holdings also said that Proton's first Mild Hybrid vehicle (Proton X90) will be launched soon. Geely Holdings' Smart has signed an agency agreement with Proton to launch its first electric car, Smart #1, in the Malaysian market in the fourth quarter of 2023.