Malaysian passenger car rental firm Warisan TC Holdings Berhad (WTCH) has inked a deal with Chinese electric vehicles (EVs) manufacturer GAC AION New Energy Automobile Company Limited (GAC AION) to distribute EVs in Malaysia.
WTCH said in a bourse filing on Thursday that its wholly-owned subsidiary WTC Automotif (M) Sdn Bhd (WTCA) has entered into an agreement of distribution and service with GAC AION in respect of the appointment of WTCA by GAC AION as the sole and exclusive distributor to import, distribute, sales and perform after-sale services on the EVs and/or spare parts and accessories for the vehicles in Malaysia.
The agreement will be effective for a term of three years which shall take effect from the date of the agreement.
According to WTCH, the GAC AION project will provide an opportunity for the firm and its subsidiaries to diversify its business activities by expanding the product range to EVs sector to cater for diversified customer base.
It will also align with WTCH Group’s objective to drive towards economy, environmental, social and governance (EESG) for the long-term sustainable growth of the group’s businesses.
This will also broaden the earning base of WTCH Group.
As WTCH Group is involved in assembly, distribution and sale of commercial and passenger vehicles, it will be able to enjoy the benefits and advantages of the synergistic benefits derived from economies of scale with the implementation of the GAC AION project.
WTCA is a private firm in Malaysia that is principally involved in assembly, distribution and sale of commercial and passenger vehicles.
GAC AION is a Guangzhou-based EVs manufacturer. The firm offers new energy products and services under the GAC Group.
GAC AION was established in 2017 and AION was introduced as a subbrand in 2018, and as a marque in 2020.
GAC AION is principally engaged in the research and development, manufacture, sales of electric vehicles, parts and components services in China.
It offers large to medium sized passenger vehicles, auto-parts and accessories and service.
Since 2017, GAC AION has successively launched a series of electric vehicle models covering sedan, sport utility vehicle (SUV) and Super Sports car.
In 2023, GAC AION produced and sold more than 480,000 units of battery electric vehicles (BEV), ranked Top 3 in BEV segment in China.
GAC AION has set up manufacturing plants in Guangzhou, Changsha (China) and Thailand.