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.
The post Sunsuria inks deal with China’s IAT Automobile to research, develop and manufacture EVs in Malaysia appeared first on Paul Tan's Automotive News.
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