BYD (01211.HK) Managing Director in Malaysia, Ma Wei, stated that the plan to establish an assembly plant in Malaysia has been put on hold, and the company is instead engaging in in-depth negotiations with local partners to achieve the goal of local production.
He added that the company is collaborating with a mature local enterprise that has the capability to meet BYD's requirements and support the company's comprehensive assembly operations in the region. The discussions have now entered a very in-depth stage, and necessary documentation is being finalized.
Previously, it was reported that uncertainty arose regarding the assembly plant plan in Tanjung Malim, Perak, after BYD failed to reach an agreement with the Malaysian authorities on the proposed conditions, one of which involved a dispute over the requirement that locally assembled vehicles must have up to 80% export.
Ma Wei reiterated BYD's commitment to long-term investment in Malaysia, continuing to view Malaysia as an important market and part of its future growth strategy