Geely Automobile Holdings Ltd. (OTC:GELYF) is bringing its brand of electric vehicles (EVs) to Malaysia, where it will contest with industry leaders including Tesla, Inc. (NASDAQ:TSLA) and BYD Co., Ltd. (OTC:BYDDF).
The Chinese corporation launched three vehicle models in Kuala Lumpur: Pro, Premium, and Brabus, according to Bloomberg.
Pricing starts at 189,000 ringgit ($40,640) for the Pro and goes up to 249,000 for the Brabus, while Tesla's Model 3 and BYD's Atto start at 189,000 and 148,000 ringgit respectively in Malaysia, the report added.
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Pro-Net, a subsidiary of Malaysia's national carmaker Proton, in which Geely holds a 49.9% share, will handle the distribution of the Smart cars. Additionally, Pro-Net will extend its distribution to Thailand and plans to bring the brand to the east Malaysian states of Sarawak and Sabah next year, aiming to capture 10% of the country's EV market share.
Geely is making an investment of an unspecified sum in a state-of-the-art automotive city in Tanjung Malim, Perak, which also houses Proton car manufacturing facilities, the report read.
Mercedes Benz Group AG (OTC:MBGAF), a collaborator in the Smart project, became the first car manufacturer to locally assemble an electric vehicle in Malaysia this year, starting with its EQS model, it added.
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At a media briefing on Tuesday, Proton CEO Li Chunrong affirmed the company's plans to develop its own EV in the future, Bloomberg noted.
While he didn't divulge further specifics, he emphasized that the immediate priority is to begin the local assembly of Smart EVs in Malaysia, the report added.
Price Action: GELYF shares closed lower by 2.44% to $1.20 on Monday.
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