DRB-Hicom: Drb-Hicom Berhad Enters into Joint Venture Agreement with Zhejiang Geely Holding Group Co., Ltd

DRB-HICOM Berhad and Zhejiang Geely Holding Group Co. Ltd. marked another significant milestone in the development of the Automotive Hi-Tech Valley the signing of a joint venture agreement between the... DRB-HICOM Berhad and Zhejiang Geely Holding Group Co. Ltd. marked another significant milestone in the development of the Automotive Hi-Tech Valley the signing of a joint venture agreement between the two Parties. SHAH ALAM 11 December 2023 ­ This follows the recent Master Collaboration Agreement signed in October 2023, which had set forth the underlying principles, governance framework, and mutual commitment for the AHTV project. Group Managing Director, Tan Sri Syed Faisal Albar signed the JV Agreement on behalf of DRB- HICOM while Geely Holding was represented by its Chief Executive Officer, Daniel Li. The agreement was exchanged between the Parties in the presence of Prime Minister YAB Dato' Seri Anwar Ibrahim. Also present was Eric Li, Chairman of Geely Holding. The JV Agreement outlines the key principles of the strategic collaboration, alignment on objectives, and terms of the partnership. A joint venture company will leverage on the respective strengths and expertise of DRB-HICOM and Geely Holding in establishing AHTV as the international next generation vehicle hub in Malaysia. AHTV will encompass extensive automotive and mobility solutions across the value chain, from a full-fledged high technology global research and development centre, to world-class automotive original equipment manufacturers and manufacturing clusters. In addition, it would support services within an associated ecosystem, such as logistics, training and learning institutions within a smart city for the automotive industry.