Cyberjaya company DreamEDGE Sdn Bhd has been announced by International Trade and Industry Minister Datuk Darell Leiking as the anchor company to develop the car project.
It was also revealed that Japanese car maker Daihatsu Motor Company will be "lending support" in areas of advanced technology.
Daihatsu, however, will not be an equity partner.
Leiking said the project will be privately funded and would not use government funds.
"They (DreamEDGE) have a good business model and we believe this can work.
"They have presented their proposal to the Prime Minister, and he is convinced with it," said Leiking at a press conference here at I-Tech Tower, where the company's headquarters is.
The new car maker has yet to be given a name.
The company is expected to present an engineering capability model mock-up by the end of this month, with the first prototype scheduled to be launched in March 2020.
Media Release: MITI announces new national car to spur industry curve
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