KUALA LUMPUR: Hong Leong Industries Bhd's (HLI) latest venture, Tekhne Sdn Bhd, will produce automotive spare parts for both 2- and 4-wheelers.
Tekhne will venture into the Original Equipment Manufacturer (OEM) and Replacement Equipment Manufacturer (REM) parts segments.
Datuk Dr Jim Khor, group managing director of HLI, said, “Our journey into the automotive spare parts industry reflects not only our dedication to innovation and growth, but also our steadfast commitment to providing our customers with the highest standards of quality and reliability. With Tekhne, we embark on a path of boundless opportunities, aiming to pioneer advancements in technology and design while ensuring optimal vehicle performance and safety for the road ahead to success.”
The group said the market for OEM and REM parts for both 2- and 4-wheelers in Malaysia is experiencing significant growth and is poised for further expansion, driven by factors such as growing vehicle sales, aftermarket service demand, and an increasing number of enterprises in the automotive products market.
According to HLI, the value added in the automotive products market in Malaysia is projected to reach US$8.32 billion in 2024, with a compound annual growth rate (CAGR) of 5.71% expected from 2024 to 2028.
In addition, the used car sales in Malaysia are steadily increasing, contributing to the growth of the automotive aftermarket service industry, which indicates a rising demand for replacement parts.
Tekhne general manager Chong Chee Kong said, "Our commitment lies in providing a premium range of products tailored to meet the needs of our Malaysian customers. Through collaborations with esteemed partners, both locally and internationally, we ensure that our products uphold the highest standards of excellence and customer satisfaction. Looking ahead, we are poised to expand our footprint into the broader ASEAN region and subsequently tapping into global markets."
Tekhne also plans to venture into electric vehicle-related products, aligning with the industry’s shift towards sustainable mobility solutions, and establish its own research and development (R&D) center.
