After long standing rumours, DRB-HICOM has finally announced its break up with the Chevrolet marque in Malaysia. The statement said that DRB and General Motors Asia Pacific have mutually agreed to discontinue their existing joint venture agreement to import and distribute Chevrolet vehicles from Jan 1, 2010.
This will see the winding down of joint venture company HICOM-Chevrolet Sdn Bhd, which was founded in August 2007. GM and DRB-HICOM hold 51 per cent and 49 per cent stake in the JV, respectively. DRB-HICOM, through its subsidiary DRB-HICOM Auto Solutions, was reponsible for the importation of the vehicles into Malaysia while GM was in charge of the management and operations of the business.
The identity of GM’s new partner is almost an open secret by now, and we expect a formal announcement by the parties involved soon. This constant changing of hands doesn’t bode well for the Chevrolet marque in Malaysia; customer confidence will take a battering and current owners won’t be too happy with this news at all.