CSH Alliance Obtains Licence To Assemble BYD Electric Vans

CSH Alliance Bhd announced that it has received a manufacturing licence to assemble commercial electric vans, primarily the BYD T3 compact van. The group stated that it is now applying for a permit from the Ministry of International Trade and Industry (MITI), as well as other approvals from relevant authorities, to bring complete-built-up (CBU) units of the BYD T3 into Malaysia for distribution purposes prior to the establishment of the local assembly plant in Tanjung Malim, Perak. CSH also stated that its wholly-owned subsidiary Alliance EV Sdn Bhd will proceed to finalise the detailed commercial arrangements with BYD Malaysia Sdn Bhd for the local assembly plant's implementation.

"Further announcements will be made by the company once the parties reach an agreement for the EV project," CSH said in a filing with the stock exchange. CSH executive director Jeff Chong stated in a separate press release that the company is looking forward to the approved permit to bring in the CBU vans because it will greatly benefit the commercial industry, particularly the logistics and transportation sectors, in lowering their carbon emissions. The group announced Alliance EV's entry into the EV market in March of last year with the signing of a Memorandum of Understanding with BYD Malaysia, the Malaysian arm of China's BYD Company Ltd.

Alliance EV purchased 55 acres of land in Tanjung Malim in May for the local EV assembly plant, which is located within the Automotive Park. AHTV is expected to be a high-impact major project that will boost the national automotive industry and serve as an Asean automotive industry hub.

On Friday, CSH's share price remained unchanged at 4.5 sen, valuing the company at RM62.16 million.