TrendForce has learned that on July 6, EVE announced that EVE Malaysia Limited, a wholly-owned subsidiary of the company, intends to invest in the construction of energy storage battery and consumer battery projects in Malaysia, with an investment amount of no more than 327,707 RBM (approximately US$459.69 million based on the exchange rate of USD/RMB 1:7.1289 on July 5, 2024, subject to the actual exchange rate at the time of investment).

According to the announcement, the project is located in Kulim City, Kedah, Malaysia, with a construction land scale of about 220,000 square meters and a construction period of no more than 2.5 years.

EVE said that the project will rely on domestic manufacturing advantages and operational experience to build a production base in Kulim City, Kedah, Malaysia, to produce new energy storage battery and consumer battery.

This investment is in line with EVE's development strategy and long-term planning, and will further promote the smooth progress of EVE's overseas business. It is conducive to expanding the production capacity of prismatic lithium-ion batteries and cylindrical lithium-ion batteries, conforming to the rapidly growing market demand in the field of battery supply, and continuously strengthening EVE's market position in the field of lithium batteries, which has a positive effect and far-reaching significance for EVE to improve its global industrial layout.