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Chinese battery maker Zhuhai CosMX to invest RM1b to build plant in Kedah
30 Aug 2024, 10:37 am Updated - 12:59 pm
KUALA LUMPUR (Aug 30): Zhuhai CosMX Battery Co Ltd, a Chinese manufacturer of batteries, plans to build a manufacturing plant in Kedah involving investment of RM1 billion.
The new facility will be constructed in several phases at the Kulim East Industrial Park, with groundbreaking expected to begin in the fourth quarter of 2024, according to the Malaysian Investment Development Authority (Mida). The project is set to create over 1,000 jobs, Mida said.
“Revolutionising battery technology is no easy task,” said Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid. “Their cutting-edge expertise is going to have a big ripple effect on our local ecosystem.”
CosMX — which makes lithium-ion batteries for devices ranging from laptops to drones — has three main production bases in Zhuhai, Chongqing and Zhejiang respectively. The company has also established a factory in India.
The company also manufactures battery packs for electric vehicles and provides industrial energy storage systems.
The investment marks a significant step in CosMX's global strategic deployment, said its chairman Xu Yanming. “We are looking forward to build this factory into a model project, achieving success not only economically, but also setting a benchmark in promoting sustainable development."
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the investment by CosMX underscores Malaysia’s position as a preferred investment destination for tech-based companies and the country’s seriousness in swift implementation of its commitments to investors.
Zafrul also said his ministry and Mida’s strong drive to create the right environment for businesses to thrive had resulted in increased investment flows, more high-skilled jobs, as well as a stronger boost to the electrical and electronics supply chain and semiconductor exports.
30 Aug 2024, 10:37 am Updated - 12:59 pm
KUALA LUMPUR (Aug 30): Zhuhai CosMX Battery Co Ltd, a Chinese manufacturer of batteries, plans to build a manufacturing plant in Kedah involving investment of RM1 billion.
The new facility will be constructed in several phases at the Kulim East Industrial Park, with groundbreaking expected to begin in the fourth quarter of 2024, according to the Malaysian Investment Development Authority (Mida). The project is set to create over 1,000 jobs, Mida said.
“Revolutionising battery technology is no easy task,” said Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid. “Their cutting-edge expertise is going to have a big ripple effect on our local ecosystem.”
CosMX — which makes lithium-ion batteries for devices ranging from laptops to drones — has three main production bases in Zhuhai, Chongqing and Zhejiang respectively. The company has also established a factory in India.
The company also manufactures battery packs for electric vehicles and provides industrial energy storage systems.
The investment marks a significant step in CosMX's global strategic deployment, said its chairman Xu Yanming. “We are looking forward to build this factory into a model project, achieving success not only economically, but also setting a benchmark in promoting sustainable development."
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the investment by CosMX underscores Malaysia’s position as a preferred investment destination for tech-based companies and the country’s seriousness in swift implementation of its commitments to investors.
Zafrul also said his ministry and Mida’s strong drive to create the right environment for businesses to thrive had resulted in increased investment flows, more high-skilled jobs, as well as a stronger boost to the electrical and electronics supply chain and semiconductor exports.
