Property developer Sunsuria has announced that it has inked a memorandum of understanding (MOU) with China-based IAT Automobile to set up an operation base in Malaysia for the development of electric vehicles (EVs).
In a filing with Bursa, the company said both parties have agreed to undertake research and development (R&D) in the area of EVs and related products, and to create and manufacture Malaysia’s own brand of EVs. This will be accomplished through a joint venture company, Sunsuria IAT, of which 51% is owned by Sunsuria and the remaining 49% by IAT.
The partnership also plans to create an automotive diversified eco-system, build and develop EV innovation parks and jointly establish an ASEAN Automotive Design and Innovation Centre. The collaboration will have Malaysia as its main operation base, with expansion to other countries in the region planned down the line.
The Sunsuria-IAT MOU is part of the RM170 billion foreign direct investment commitments from China that were secured by Malaysia last week in conjunction with prime minister Datuk Seri Anwar Ibrahim’s visit to China.
Established in 2007, Beijing-based IAT’s primary business is in vehicle R&D and the manufacturing of core parts. A check on its website lists a number of design concepts in its portfolio, including a full-sized electric pick-up called the Truck Mad, a small city EV study called the C-Mute and a platform called the Rubik.X.
Looking to sell your car? Sell it with Carro.
jokes, property developers building cars now
has always been that way?
sime darby motors and sime darby properties
drb-hicom and glenmarie properties
Agreed, this one can tapau Iris EV.
I could confidently say that majority of car makers out there are funded by investment companies, insurance holdings, even property developers. Conversely, Aston Martin has invested in property development and have built a luxury condominium called Aston Martin Residences.
Pretty much any business entity or individual can invest in any company. It’s just business. Car makers need the funding, investors are interested in the returns. That’s it.
The reason property developers want to dip their toes into car building?
Because in the future, self driving, electric cars will be providing the bulk of transport. Cars will be seen as “moving spaces of luxury, play, relaxation, commute” rather than a chore for people to get from point A to B.
If you are a luxury property developer, surely you will see this as a natural expansion of your business.
This company starts charging expensive parking fee at their struggling retail building in Setia Alam. Really suey renting their lot there. Can their decision making be trusted?
Another pitching for investor
Isn’t this the car brand that IAT booth with their concept car at the GuangZhou Motor Show caught fire? Strange bedfellows combination