KUALA LUMPUR: Investment by the private sector is being sought for the third national car project, said Prime Minister Tun Dr Mahathir Mohamed during the launch of the National Automotive Policy (NAP) 2020.
"We are waiting for investors. This time around, the government does not intend to invest. We are inviting investors with foresight and new technologies which will make the new national car competitive," said Mahathir in a press conference.
He also said that the third national car is in development and already has a prototype which has yet to be exhibited to the public.
"We already have a prototype but not exhibited to the public... We have the capacity, but we need investment. The government is not going to invest, so we are asking the private sector to invest and produce cars that are not meant only for Malaysia, but also for other countries," he said.
Earlier, in his speech, Dr Mahathir said the proposed new Malaysian Vehicle Project (MVP) will emphasise on research and development (R&D) and incorporation of the latest technologies in order to be competitive in both domestic and global markets.
"New technology clusters as well as new expert workforce, especially in the field of automotive engineering would be developed consequently. The new MVP is expected to contribute significantly to the nation’s economic development through its support for both the upstream and downstream industries – creating the demand of other related materials, such as, high-grade steel, plastics, rubber and petrochemical products, which will stimulate further growth of these sub-sectors," he said.
It was previously reported last October that DreamEdge Sdn Bhd, the anchor company to drive the third national car project, is aiming to unveil its first prototype in March 2020.
Japan's Daihatsu Motor is providing technology support for the project but will not have a stake in the business.
DreamEdge is an engineering services company catering to various industries such as automotive, rail, electronics, energy, defence, precision equipment and tooling design.
DreamEdge founder and CEO Khairil Adri Adnan had said the first model would be a C-segment sedan using hybrid technology.
