News

EP Manufacturing, Cahaya Bumi working together in EVs distribution

Both firms are looking to establish a production and localisation plan to assemble the EVs in Malaysia

by JAY SHEILA / pic BLOOMBERG

EP MANUFACTURING Bhd’s wholly owned subsidiary, EP 4Wheeler Sdn Bhd (EP4W), signed a memorandum of understanding with Cahaya Bumi Sdn Bhd to collaborate and venture into the business of new and used imported car distribution for electric vehicles (EVs) and its localisation activity.

In an exchange filing to the local bourse, EP Manufacturing said EP4W involved in automotive and engineering businesses which include manufacture, develop, fabricate, produce, assemble, buy, sell, import, export, distribute four wheelers and all other types of automobiles.

The company added that they have enlarged their customer base to include Perusahaan Otomobil Kedua Sdn Bhd, Proton Holdings Bhd, Honda Malaysia Sdn Bhd, Bermaz Motor Sdn Bhd and UMW Toyota Motor Sdn Bhd as their main customers.

“Cahaya Bumi is a thriving used car dealer hence, they will have an upper hand to obtain the necessary approval from the relevant government authorities such as Road Transport Department Malaysia, Malaysian Investment Development Authority, the International Trade and Industry Ministry and/or local council(s).

“Meanwhile, EP4W would provide financial resources and/or assistance for the initial business operation,” EP Manufacturing said.

According to the filing, the agreement is intended to enable EP4W and Cahaya Bumi to obtain the local exclusive distribution agent or franchise holder for the country and assembly of EVs from a reputable EVs manufacturer in the form of complete built-up and complete knocked-down, and to establish a production and localisation plan to assemble the EVs in Malaysia.

EP Manufacturing stressed that there would be a redefinition of the present EVs market in Malaysia, which would help in the innovation and the establishment of EVs industry in Malaysia by bringing in the technology know-how of EVs.

EP Manufacturing’s shares fell 3.7% to RM1.04.

Dzul

Recent Posts

LB Aluminium 1Q net profit surges to RM12.5m

Its revenue grew 98.22% to RM227m from RM114.54m previously due to improvements in both its…

7 hours ago

Research house reiterates ‘Buy’ on Yinson, ATech, EcoWorld, maintains ‘Sell’ for Top Glove

by AUFA MARDHIAH / pic TMR IN ITS top picks of the week, Maybank IBG Research…

7 hours ago

Ringgit falls against US dollar for 4th consecutive day

The recent weakening of the ringgit is influenced mainly by the shift in market expectations…

7 hours ago

FBM KLCI ends marginally lower in mixed session

The benchmark index is anticipated to trend within a wider range of 1,410-1,440 for the…

8 hours ago

Bank associations support measures to combat financial scams

BNM revealed the 5 additional security measures to be taken by financial institutions in a…

8 hours ago

Malaysia’s 5G rollout at 33%

by AFIQ HANIF / pic AFIQ HANIF THE 5G network rollout in the country is currently…

8 hours ago