Instead, it is a collective investment that includes other foreign and local investors, the group said in a statement today.

“We reiterate that the project envisages the participation of other foreign and local investors in the new automotive high-technology industry, bringing the collective investment in AHTV to an estimated RM32 billion by all parties, not only DRB-Hicom and Geely.

“Proton’s plan to fully relocate its manufacturing facilities to Tanjong Malim by 2026 will also create a vibrant new city there, boosting the domestic economy by attracting retail establishments to set up shop in the area,” it said.

On April 1, DRB-Hicom signed a heads of agreement with Geely in Beijing regarding the development of an automotive industry hub in Tanjong Malim.

DRB-Hicom said it believes that the development of the AHTV is the right move forward for Malaysia in the new automotive technology space, and that the inclusion of multiple global investors augurs well for the domestic industry and economy while adding value to the Malaysian automotive landscape.