Neta V CKD in 2024 – Glove maker Careplus partners with GoAuto to assemble Neta EV in Chembong, N9

Careplus executive director and group CEO Lim Kwee Shyan spoke to The Edge Malaysia, explaining that the company plans to begin local assembly of vehicles by the end of next year. In June, glove manufacturer Careplus signed a deal with GoAuto for the setting up of an importation, distribution, assembly and manufacturing hub for electric vehicles through a number of joint venture companies.

“We ultimately decided to go with Go Automobile Manufacturing Sdn Bhd (GoAuto), whose management convinced us that our two assets in Seremban, the Chembong land and Careplus Mall in Oakland Industrial Park, are suitable for venturing into [electric vehicles] and renewable energy,” Lim said.

“Hopefully we can start assembling vehicles by the end of 2024. We will begin by assembling up to 10,000 Neta cars as the facility’s capacity stands and 30,000 units a year,” Lim said.

There are other brands that are interested in joining us as they need a facility for completely knocked-down (CKD) manufacturing. Our aim is to manufacture up to 30,000 units before going to the second and third phases,” the Careplus executive director and group CEO said.

The first joint venture – NexV Manufacturing – is for the manufacturing plant, and parties involved in the JV have earmarked a 74-acre plot of land in Chembong, Negeri Sembilan for the plant. This land is owned by Careplus, which holds a 51% stake in the joint venture.

This should be for the local assembly the Neta V, which made its Malaysian debut in May this year and is currently the cheapest EV in the country at RM99,800.

The second joint venture company is Intro Synergy, a wholly owned GoAuto subsidiary that Careplus will buy a 30% stake by way of share swap, and this company is responsible for the importation, distribution and sales business of the Neta EV brand. Careplus will hold a 31% stake in Intro Synergy.

Another joint venture company, NexV Synergy will see Careplus hold the rights to Neta EV dealerships, of which Careplus holds a 70% stake. Careplus will full manage the EV dealership business and operations with full financial control, while NexV Synergy will rent a single-storey retail complex at Careplus Mall as its showroom, according to The Edge Malaysia.

Careplus Mall, or CPP Mall will operate the EV dealership, and Careplus plans to develop CPP Mall into an auto city, where “anything related to auto or new energy” will be made part of it, according to the report.

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