Chinese tyre manufacturer Wanli Tire, along with Berjaya Property, has announced plans to establish a RM1.37 billion tyre manufacturing plant in Hulu Selangor. This will not only mark Wanli Tire’s first plant in Malaysia, but also stand as the company’s 2nd plant outside of China.
Wanli Tire is one of China’s largest tyre manufacturers, supplying passenger car, commercial vehicle and industrial tyres for both the domestic and export markets.
According to a report by The Edge Malaysia, Berjaya Property’s wholly-owned unit, Alam Baiduri Sdn Bhd (ABSB), will own 30% of the joint venture (JV), while the remaining 70% will be owned by Wanli Tire’s investment subsidiary, Trusmax Investment. ABSB will fund RM813.35 million into the joint venture, while the remaining RM491.45 million required for the project will be financed through borrowings.
The report added that the JV will oversee research, development, design, manufacturing, and sales of tyres and related components, as well as after-sales service.
According to a social media post by Selangor State Executive Councillor (EXCO) for Investment, Trade, and Mobility, Ng Sze Han, the investment is expected to create roughly 1,350 local jobs. These jobs will not be limited to just production line positions, but will also include high-value roles for engineers, quality specialists, and managers. In full capacity, the manufacturing plant is projected to produce 6.2 million tyres every year.
Ng said in his social media post, “Development should never be concentrated in the Klang Valley alone. By bringing world-class manufacturing to Hulu Selangor, we are ensuring that every corner of our state shares in its growth.”
The tyre plant isn’t the only major investment headed to Hulu Selangor. Sze Han also revealed that XTC New Energy, a major Chinese manufacturer specialising in lithium-ion battery cathode materials, plans to invest an additional RM260 million to produce cathode materials for lithium batteries in Hulu Selangor as well.
Together, the Wanli Tire-Berjaya Property JV and the XTC New Energy project bring total new investments in Hulu Selangor to over RM1.6 billion.
ALSO READ: Finance Ministry approves over 30k applications to increase Budi Diesel quota
GALLERY
