Earlier today, Hong Leong Industries Berhad (“HLI”) launched its latest venture, Tekhne Sdn Bhd (“TÉKHNĒ”) which is their venture to make its mark in the automotive spare parts market. TÉKHNĒ will enter the market with a comprehensive range of Original Equipment Manufacturer (OEM) and Replacement Equipment Manufacturer (REM) parts for both 2- and 4-wheeled vehicles. The products are, designed to meet the diverse needs of customers and will be ‘Moving the Future’.
Professor Dato’ Dr. Jim Khor, Group Managing Director of HLI, expressed his pride and enthusiasm at the launch, where he mentioned, “Our journey into the automotive spare parts industry reflects not only our dedication to innovation and growth, but also our steadfast commitment to providing our customers with the highest standards of quality and reliability. With TÉKHNĒ, we embark on a path of boundless opportunities, aiming to pioneer advancements in technology and design while ensuring optimal vehicle performance and safety for the road ahead to success.”
According to TEKHNE, the market for OEM and REM parts for both 2 and 4 wheeled vehicles in Malaysia is currently experiencing significant growth and is poised for further expansion. This is driven by factors such as growing vehicle sales, aftermarket service demand, and an increasing number of enterprises in the automotive products market. The value added in the Automotive Products market in Malaysia is projected to reach US$8.32 billion in 2024, with a compound annual growth rate (CAGR) of 5.71% expected from 2024 to 2028.
In addition, the used car sales in Malaysia are steadily increasing, contributing to the growth of the automotive aftermarket service industry, which indicates a rising demand for replacement parts. So, they think that the time is right for HLI via this new venture try to capitalise on it as well as the fact that the Hong Leong Group already has experience in this industry via their ongoing commitment selling and marketing Yamaha here in Malaysia.
General Manager of TÉKHNĒ, Mr Chong Chee Kong said, “At TÉKHNĒ, our commitment lies in providing a premium range of products tailored to meet the needs of our Malaysian customers. Through collaborations with esteemed partners, both locally and internationally, we ensure that our products uphold the highest standards of excellence and customer satisfaction. Looking ahead, we are poised to expand our footprint into the broader ASEAN region and subsequently tapping into global markets."
TÉKHNĒ’s commitment to innovation is further underscored by its plans to venture into electric vehicle-related products, aligning with the industry’s shift towards sustainable mobility solutions. To foster innovation, TÉKHNĒ is poised to establish its own Research and Development (R&D) center, aiming to pioneer advancements in technology and design while upholding the highest standards of quality and reliability.
From what we have been shown at the launch event, TEKHNE is working with a few established parts manufacturers as well as sponsoring a few motorcycle racing teams that will compete here in Malaysia as well as in the South East Asian region. The parts displayed at the event showed us where their path will be heading towards. There is currently more emphasis on 2 wheeled products for the moment, from shock absorber sets (from ProFender, Thailand), exhaust systems (from their sponsored motorcycle racing team, AHM) alloy wheels and moulded plastic parts. There are also lubricants (from PETRONAS) and other parts.
They have mentioned that what they intend to do moving forward is to design the products according to their specifications and get manufacturers to produce based on their specifications as a first step. Basically R&D is in-house while manufacturing of the parts will be produced by established players in the industry.
As they are taking this slow, they will be concentrating their efforts on Replacement Equipment Manufacturing firstly as it is not so intensive in terms of homologating parts for OEM requirements and they intend to slowly enter into OEM by buying into or investing into current OEM manufacturers at a later date once things have gotten off the ground.
For more information about TÉKHNĒ and its innovative aftermarket OEM and REM products, head over to www.tekhne.com.my
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