In a filing with Bursa Malaysia recently, Tan Chong Motor Holdings Berhad (TCMH) has formed a new joint venture company in New York that will allow it to develop new distribution channels in the United States, Canada and other countries where it has a presence in. The move will also allow the company to source for new products/technologies which can be commercially developed for retail and distribution in Southeast Asia.
The new company incorporated in the Big Apple will be known as Tan Chong Warisan Resources Management Inc., with the majority of the ownership being held by TCMSC (Labuan) Pte Ltd, a wholly-owned subsidiary of TC Management Services Corporation Sdn Bhd, which in turn, is a wholly-owned subsidiary of TCMH.
According to the filling, TCMSC Labuan’s 51% includes a paid-up capital amounting to US$51,000 as well as 510 units. The company will provide its experience in the fields of automotive, trading, manufacturing, financing, information technology and renewable energy.
Meanwhile, the remaining 49% (US$49,000 paid-up capital and 490 units) will be owned by MAT (Labuan) Pte Ltd, a subsidiary of Warisan TC Holdings Berhad (Warisan). Its role is mainly to lend its expertise in the fields of tour, travel, consumer products and industrial machinery.
The joint venture is not expected to have any material impact on Warisan’s net assets, gearing and consolidated earnings per share for the financial year ending Dec 31, 2018.
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Tan Chong is clever, they are forward thinking and always want to expand their network.
Proton is so lembap, always wanting Government to buy their cars and never try hard enough to market their cars in other markets. They tried before but half hearted.
Their GrabTaxi tech oredy taken Asia by storm.
if registered in labuan, considered offshore company?
we want yellow cab in malaysia. and fake taxis too.
Hahaha.. Fake taxis. I like.
inb4 Trump says No Deal! Abesla Tanchong!
Wishing Tan Chong well. I suspect this export initiative is related to Tan Chong’s parts making subsidiary, APM. It’s very unlikely that Tan Chong is planning to export LHD Nissan cars to America.
As far as I’m aware, in all of ASEAN, only ONE company exports CBU cars to the United States; Mitsubishi Thailand (MMTh) with their Mirage and Attrage (sold as Mirage G4 there). From what I’ve gathered, it’s not very well-received there. Doug DeMuro even branded it as the ‘worst new car you can buy (in America)’. The Mirage is also quite overpriced there, likely due to the fact that it’s made some 14,000 km away (in Thailand), and not 4,000 km away (in say, Mexico).
Parts and components on the other hand are much easier to export. All the big ASEAN countries are exporting billions of dollars worth in automotive parts to America.
In fact, once upon a time (1980s), Proton manufactured Lancer door panels (which are identical to the original Saga’s) for Mitsubishi Thailand, which assembled them into CBU Lancers for export to Canada. Proton never exported the Saga to Canada, but they managed to indirectly export Saga (Lancer) door panels to Canada.
It is so much ‘easier’ and profitable to export car parts. This is why developing strong local vendors is so important.