Careplus Group Berhad has announced its partnership with GoAuto Group Sdn Bhd to establish joint venture companies for the importation, distribution, assembly, and manufacturing hub of electric vehicles (EVs).

The first joint venture with Go Auto is to import Neta brand EVs. This venture involved Careplus acquiring a 30 percent stake in Intro Synergy Sdn Bhd (ISSB), a subsidiary of Go Auto, through a share swap. ISSB's primary role is exclusive distribution of select Neta EV models in Malaysia as per the Exclusive Distribution Agreement with Hozon New Energy Automobile Co., Ltd.

A second joint venture was formed to create NexV Manufacturing Sdn Bhd (NMSB), with Careplus holding a 51 percent stake and Go Auto the remaining 49 percent. NexV Manufacturing's initial assembly capacity is 30,000 units annually, with 10,000 reserved for Neta and the rest open to potential partners.

NexV Synergy Sdn Bhd is another joint venture exclusively responsible for Neta EV dealership in Negeri Sembilan and plans to extend its services to other passenger and commercial EV brands.

Furthermore, MITI granted NMSB a Manufacturing License for Energy Efficient Vehicles (EEVs). The license allows the assembly of passenger vehicles, commercial vehicles, and electric motorcycles, subject to compliance with environmental and local authority regulations.

Careplus plans to commence local assembly (CKD) operations by late 2024, initially focusing on assembling 10,000 Neta cars out of the 30,000-unit annual capacity. The project is estimated to cost approximately RM 230 million, with a mix of internal funding, expected to range between RM 60 million to RM 70 million, and bank loans covering the capital requirements.

Also read: Cheapest EV in Malaysia - Neta V launched, RM 100k, 95 PS/160 Nm, 380 km NEDC