STOCK MARKET BSE NSE

Porsche to open Malaysia factory, first outside Europe

Malaysian Trade Minister Azmin Ali said the move was a "strategic decision by Porsche signifying its commitment to build a long-term presence in" Southeast Asia.

Published: 03rd September 2021 04:47 PM  |   Last Updated: 03rd September 2021 04:47 PM   |  A+A-

Porsche

German luxury carmaker Porsche (File Photo | AFP)

By AFP

KUALA LUMPUR: German luxury carmaker Porsche will open its first factory outside Europe next year in Malaysia, officials said Friday, seeking to meet strong demand in the Southeast Asian country.

The manufacturing site in the northern state of Kedah will carry out final assembly of specific models for the local market, the company and Malaysian officials said.

Malaysian Trade Minister Azmin Ali said the move was a "strategic decision by Porsche signifying its commitment to build a long-term presence in" Southeast Asia.

Albrecht Reimold, a board member of the Volkswagen-owned brand, said the new plant, being established in collaboration with a local partner, was a "standalone project and modest in size and capacity".

But he added that "it signals our willingness to learn and adapt to specific local market conditions".

Currently, Malaysians wanting to buy a Porsche have to pay high tariffs for imported vehicles. Other foreign carmakers have long operated assembly plants in the country to serve the local market.

Malaysia has a fast-growing middle class and has enjoyed robust growth rates in recent years, although a serious coronavirus outbreak has hit the economy hard.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp