Sunsuria inks MoU with China's IAT for EV development

KUALA LUMPUR: Sunsuria Bhd is exploring a collaboration with China's IAT Automobile Co Ltd to undertake research and development in electric vehicle (EV) and EV-related products.

In a filing with Bursa Malaysia, the company said the tie-up would involve the creation and manufacturing of Malaysia's own brand of EV with cutting-edge technological advances.

According to the filing, IAT is China's largest independent car design company.

Sunsuria IAT (M) Sdn Bhd is a joint venture that is 51% owned by Sunsuria and 49% held by IAT.

"The MoU will allow the company an opportunity to collaborate with IAT to tap into the research and development in in the area of EV and EV-related products and to provide automotive education (college), talent cultivation for Malaysia and South East Asia to enhance operational efficiency.

"The MoU is part of the series of foreign direct investments with total commitment of RM170 billion in investments from China, which was secured in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s visit to China," it said.