Malaysia's DRB-HICOM enters joint venture to sell Lotus cars in China
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[KUALA LUMPUR] Malaysia's DRB-HICOM, owner of the country's automobile manufacturer Proton, has entered into a joint venture contract with a Chinese firm, the company said in a bourse filing on Friday.
DRB-HICOM's subsidiaries Proton Holdings and Lotus Group International Limited formed a joint venture with China's Goldstar Heavy Industrial, a car manufacturer based in Fujian.
The joint venture company is to be named Goldstar LOTUS Automobile and will produce and sell Lotus cars, engines, parts and components, also providing after-sales services for its products in China.
The expected total investment sum over the span of 15 years is at 10 billion yuan (S$2.21 billion).
DRB-HICOM said the proposed joint venture is expected to push sales of its Lotus brand of vehicles by capitalising on the China market.
The firm also said that it expects the tie up to "contribute positively" to its future earnings.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Singaporeans can now buy record amount of yen per Singdollar
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
