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Careplus Partners GoAuto To Assemble Neta EV In Negeri Sembilan

Anis

24 October 2023 at 05:30 PM

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Careplus, a local glovemaker, intends to start local vehicle assembly by the end of next year. Lim Kwee Shyan, the company's executive director and group CEO, told The Edge that its first joint venture with Go Automobile Manufacturing Sdn Bhd (GoAuto), NexV Manufacturing, is for a manufacturing plant for the local assembly of the Neta V.
The parties involved in the JV have earmarked a 74-acre plot of land in Chembong, Negeri Sembilan for the plant. Careplus owns this land and has a 51% stake in the joint venture.
For the record, Neta V debuted in Malaysia in May of this year and quickly became known as the least expensive electric vehicle (EV) at RM99,800. Following its debut, the Neta V will be officially launched in Malaysia tomorrow (25 October) at IOI City Mall in Putrajaya.

The Neta V positions itself as a compact EV crossover, with a fastback design and a small footprint that places it in the A-segment. The Neta V is powered by a single electric motor with 127 HP (95 kW) and 160 NM, allowing it to accelerate from 0 to 50 KM/H in 3.95 seconds - more than enough for daily city driving.

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In June of this year, Careplus Group Bhd announced its intention to enter the electric vehicle (EV) market by signing a term sheet with GoAuto Group Sdn Bhd. The automotive industry's manufacturing and retail sectors would be involved in this JV.
“We ultimately decided to go with Go Automobile Manufacturing Sdn Bhd (GoAuto), whose management convinced us that our two assets in Seremban, the Chembong land and Careplus Mall in Oakland Industrial Park, are suitable for venturing into [electric vehicles] and renewable energy,” Lim told The Edge.

Another joint venture company, NexV Synergy, will see Careplus retain ownership of Neta EV dealerships, in which it has a 70% stake. According to The Edge Malaysia, Careplus will manage the EV dealership business and operations with full financial control, while NexV Synergy will rent a single-story retail complex at Careplus Mall as its showroom.