Chery International invited to discuss investment plan and development direction in Malaysia during Prime Minister Anwar Ibrahim's recent visit to China

At the recent visit by Malaysian Prime Minister Anwar Ibrahim to China, the executives of Chery International were invited to participate in a discussion with the Malaysian delegation. We were sent the official press release from Chery International on their invitation but not much details on what was discussed

Now from a Malaysian business perspective, it is hoped that his trip to China bears some fruit and more foreign direct investments would be the outcome. But this is the initial stage and Chery already has some exposure in Malaysia over the past two decades or so where they had been initially successful for a while under a local distributor but then faltered to a halt most likely due to the lack of interest when prices could not be kept low. Malaysian buyers at that point of time will only purchase other than the normal brands if the prices are right for them.

 However, they have officially stated that they are in the midst of opening their Malaysian subsidiary sometime in the second quarter of this year. Which is sometime in the next few months. We hope that the talks had been fruitful and we also hope that Chery does their research on the Malaysian market properly before fully setting up shop so that they can sustain their business here.

OFFICIAL PRESS RELEASE BY CHERY INTERNATIONAL

On March 29 (Beijing time), the Prime Minister of Malaysia, Anwar Ibrahim, visited

China for the first time, which opened the exchange between Malaysia and China at

various levels, including economy and trade. During this visit, the executives of Chery

International were invited to have an in-depth discussion with the Minister of International

Trade and Industry of Malaysia, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, on the

investment plan and development direction in Malaysia, who highly recognized Chery's

international corporate strength and showed great interest in this investment plan.

Subsequently, Chery International was also invited to participate in the round table

conference with Prime Minister Anwar and the Malaysia-China Business Forum to be

held on April 1.

Chery Group is an international company that adheres to diversified development. In

2023, the sales volume of Chery's new vehicles exceeded 1.23 million units, representing

a year-on-year growth of 42%. In particular, 450,000 units were exported overseas,

ranking No.1 among Chinese passenger car exporter for 20 consecutive years.

It is reported that Chery has set up a wholly-owned subsidiary in Malaysia, which is

scheduled to be unveiled in the second quarter of this year.