, CSH said despite AEV’s prospects and progress in its EV venture, the business would require “extensive resources” and “substantial working capital”, prompting it to realise the value of the investment via the sale.
Meanwhile, HSC executive director Lester Chin said the company aims to develop the EV manufacturing plant to gain footing in the growing EV market. “This is also to increase demand for eco-friendly transportation and the government’s active promotion of EV use by offering incentives and subsidies to buyers and manufacturers,” said Chin.
“We are also looking to be a contract assembler for other EV brands and players to help them facilitate the set-up of completely knocked-down production lines in Malaysia at a later stage,” he added. AEV has all the prerequisite business components ready for the EV sector. Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.