DRB-Hicom is in the midst of hatching a plan for a project to be known as ‘Asian Car’ which will see Malaysia becoming a hub for the production of Volkswagen vehicles, reports Bernama.
In order for it to happen, DRB-Hicom’s owner Tan Sri Syed Mokhtar Al-Bukhary is working on a plan to list the distribution arm of DRB-Hicom Bhd. The plan is to list the merged Proton Edar and EON Bhd. DRB-Hicom itself might be delisted as part of the plan.
“It is one of the options on the table,” a source familiar with the proposed plan told Bernama. Under this option, DRB-Hicom’s automotive manufacturing arm and defence unit will be held privately by one of the companies owned by the tycoon.
DRB-Hicom’s existing shareholders will be able to convert some of their shares into the new listed company. They will also be given some cash, between 50 sen and RM1 per share, the sources said. The automotive manufacturing arm, meanwhile, will be relisted in another form later on, under the DRB-VW joint venture.
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AI-generated Summary ✨
Comments discuss Malaysia's potential as a VW manufacturing hub, with some optimistic and others skeptical about the feasibility given wages and competition from neighboring countries. Many highlight concerns over credibility of DRB-Hicom, high car prices, monopoly issues, and poor after-sales service. Several emphasize the need for transparency, realistic expectations, and better customer support. There’s also political commentary about race, corruption, and the role of cronies, reflecting mixed sentiments about national development and industry progress.