KUALA LUMPUR: A total of 111 projects related to ecosystem development, manufacturing and assembling of Electric Vehicle (EV) with an investment value of RM62.4bil had been approved as at March, said Datuk Lim Ban Hong.
The Deputy International Trade and Industry Minister said this includes assembling and manufacturing spare parts, automation and other areas.
“Malaysia is among the destinations of choice for investors to develop the ecosystem for electric vehicles,” Lim said.
For instance, Lim said Swedish company Volvo Car Malaysia Sdn Bhd had invested to assemble electric vehicles.
Similarly, he said three South Korean companies have also invested here.
This includes Samsung SDI Energy Malaysia which has invested to manufacture batteries for EV as well as Iljin Materials Co and SK Nexilis which produces electrodeposited copper foil for EV.
Lim Lip Eng (PH-Kepong) had asked the ministry about the Fortune 500 companies which had invested here and why Elon Musk’s Tesla Inc did not choose Malaysia as its investment destination
"On the investment of Tesla, if a private company chooses to invest in Malaysia or in other destinations, it is a commercial decision for which I do not have the capacity to answer,” Lim said.