HO WAH GENTING BERHAD’S EV VENTURE BACKED BY MANUFACTURER WITH WORLD-CLASS R&D CAPABILITIES
KUALA LUMPUR, 9 APRIL 2021 – Ho Wah Genting Berhad (“HWGB” or the “Company”) (Bursa Stock Code: 9601) together with its wholly-owned subsidiary, HWGB EV Sdn Bhd (“HWGB EV”) had on 19 March 2021 entered into a Memorandum of Understanding with Seiyong Motor Co. Ltd (“Seiyong Motor”), for the purposes of manufacturing, assembling and distribution of Seiyong Series of electric vehicles in Malaysia. The Seiyong Series of electric vehicles will be manufactured by Jiangling Group New Energy Automobile (JMEV), a subsidiary of Jiangling Motors Co., Ltd (JMC), one of China’s leading exporters of commercial vehicle.
JMC is ranked 48th among the top 100 leading enterprises in China’s emerging industries, it has independent R&D and manufacturing capabilities for key components such as the three-electric system and body of new energy vehicles. JMC has since cooperated with Ford Motor, Japan’s Isuzu Motors, Renault Motors, Magna and other world-leading companies. JMC have factories that specializes in wielding, painting and the final assembly of the electric vehicle with a total building area of 36,432 m², 44,527 m² and 94,256 m² respectively. In the wielding factory, the mainline is fully automated with 191 robots stationed while for the painting factory, the advancement of intelligent robots in the first stage enable the gluing and painting process to be fully automated. The final assembly factory is a smart factory with fully automated transportation which utilizes the manual vision sense technology of MES, EP, RFID, etc.
Seiyong Motor entered into an agreement with JMEV in September 2019 for the supply of the EV3 to be sold under their own brand as Seiyong S1. JMEV is a joint venture headquartered in Nanchang, China, and is owned 50% by JMC and Groupe Renault (Renault) respectively. JMEV is focused on the development and production of electric cars and was established in 2015 as a subsidiary of JMC. JMEV has a superior R&D equipment with efficient inspection capabilities to on the vehicle performance and its parts. It also recognized the importance and mastered vehicle integration, three-electricity system, intelligent network connection, and lightweight technology into its electric vehicle. This allows its EV to have a long-lasting battery, a motor with higher efficiency and an advanced electronic control system.
The electric vehicle from JMEV is supplied to Seiyong Motor on an OEM basis, thus this allows Seiyong Motor to utilize their expertise in electric vehicles to customize the electric vehicles. Seiyong Motor provides their expertise in the enhancement of the electric vehicle core components upgrades, interior and external design customization of the electric vehicle.
The management of HWGB said: “Management is of the view that Seiyong Motor and JMEV will be able to create a new benchmark for electric vehicles. With Seiyong Motor expertise in electric vehicles and JMEV strong R&D capabilities, we believe that this will gives us the opportunity to be one of the main players in the electric vehicle industry in Malaysia”.
Executive Director of Seiyong Motor, Sun Henan said: “We have been collaborating with JMEV since 2019 and our partnership have always been fruitful. We want to have a strategic position in Malaysia as we feel that the electric vehicle industry in Malaysia is still in the early stages. Together with HWGB, we are confident that we will be able to spearhead the industry and will eventually be a key player in the global electric vehicle industry with their innovative development strategy to utilize its expertise and its core competitiveness.