GoAuto & Careplus Inks 30% Stake Term Sheet - EV Production, Assembly & Retail

Careplus Group Bhd, Masterclean Technologies Sdn Bhd's glove making unit, has inked a term sheet with GoAuto Group Sdn Bhd showing its intention in entering the EV industry. This JV would include both the manufacturing and retail sides of the automotive industry.

If this JV comes to fruition, the businesses will establish an EV production and assembly hub on a 74-acre tract of land held by Careplus in Chembong, Negeri Sembilan, to advance GoAuto's EV CKD (Completely Knocked Down) project.

To accomplish this, Careplus would consider acquiring a 30% stake in GoAuto through a fresh Careplus 25-million share issuance. In addition, Careplus may lease out its Careplus Mall in Seremban as a value-added product to the JV.

The NETA S, a premium offering set to enter the Malaysian market before 2025

GoAuto, which imports and distributes 9 automotive brands in Malaysia, recently made headlines when it became the first automobile distributor to offer a EV, the NETA V for a low price of RM99,800. 

Source: TheEDGEMalaysia