Geely Holding Deepens Commitment to Southeast Asia with New Collaborative Agreements

– Geely Holding and DRB-HICOM signs master collaboration agreement on Malaysia’s Automotive Hi-Tech Valley
– Geely’s strategically invested company, Geespace, signs heads of agreement with Malaysian telecom company Altel

Tanjong Malim, Malaysia – WEBWIRE – Wednesday, October 11, 2023

Geely Holding Group (Geely Holding), China’s largest privately held automotive group, signed a Master Collaboration Agreement (MCA) with DRB-HICOM Berhad (DRB-HICOM) outlining the next steps to be taken by the two parties in their collaboration to develop Malaysia’s Automotive Hi-Tech Valley (“AHTV”). In addition, Zhejiang Geespace Technology Co. Ltd. (“Geespace”) signed Heads of Agreement (HOA) with Altel Communications Sdn. Bhd. (“Altel”) focusing on the development and implementation of high technology systems to complement Altel’s existing spectrum.

The signing of the MCA between Geely Holding and DRB-HICOM brings the collaboration between the two parties in the development of Malaysia’s AHTV to the next stage. The agreement outlines the governance framework, mutual commitments, and specific roles for development and promotion of the AHTV between the two parties.

AHTV will attract investments and talents both locally and from overseas which will propel it to become an international automotive hub for New Energy Vehicle development in Malaysia. AHTV will become an open centre for future vehicle development and will also focus on the development of high-technology components and parts for NEVs. This will further expand the capability of local vendors towards specialising in high-technology manufacturing.

The Heads of Agreement between Geespace and Altel aims to complement Altel’s existing spectrum through the development and implementation of high technology systems.

Daniel Li, CEO of Geely Holding said at the ceremony

“We are working with DRB-HICOM and PROTON to jointly seize this historic opportunity through the AHTV to increase investment in science and technology, cultivate talents, innovate businesses, and increase product competitiveness and brand influence. I believe that Geely’s global leadership in innovation, advanced modular vehicle architectures, smart electrified product development system, and global talent empowerment capabilities will add great vitality to the AHTV project.”

The signing of the two agreements showcases Geely Holding’s deepening commitment to the electric and intelligent transformation of the automotive industry and the Southeast Asian market, which also marks the significant milestone of Geely Holding’s seven-year-long collaboration with DRB-HICOM and its enduring commitment to PROTON.

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