Careplus Group provides details of auto venture with Go Auto Group

Following its EGM yesterday, the Careplus Group has provided details of its partnership with the Go Auto Group in various areas of the automotive business. Public-listed Careplus is a leading medical devices manufacturer with more than 30 years of experience in the glove business.

The partnership will see  diversification of Careplus’ existing business to include electric vehicles by taking a 30% share in Intro Synergy Sdn Bhd, a wholly owned subsidiary of Go Auto.

Intro Synergy is involved in the import, distribution and marketing of Neta vehicles from China and yesterday launched the NETA V which is priced from RM100,000. A new company, NexV Synergy Sdn Bhd (NSSB), will establish an EV dealership to handle the Neta brand. NSSB will have the sole and exclusive dealership rights to the NETA EV for the entire territory of Negeri Sembilan.

Neta V EV [2023]
Official launch of NETA V.
It was also announced that Go Auto and Careplus will form a joint venture company named NexV Manufacturing Sdn Bhd (NMSB) with Careplus having a 51% stake and the balance of 49% held by Go Auto.

NMSB, which will be a manufacturing and assembly facility for New Energy Vehicles, was recently given a Manufacturing License from MITI.

The new factory will be located in Chembong, a mukim in the Rembau district southeast of Seremban in Negeri Sembilan.

The factory will be built on a 73.34-acres site owned by Careplus Properties in Chembong, southeast of Seremban in Negeri Sembilan.

In the first phase, it will have an annual capacity of 30,000 units, of which 10,000 units will be NETA vehicles and the remainder for other brands of energy efficient  passenger cars, commercial vehicles and electric motorcycles. Assembly operations are targeted to start at the end of 2024.

The capex requirement for the two buildings will be approximately RM230 million. Funding of RM60 million to RM70 million will be obtained internally, while the balance will come from bank borrowings.

Careplus Mall

Careplus Mall

Careplus will also develop a Careplus Mall as an auto city, in which ‘’anything related to auto or new energy’ will be made a part of it.

There will be a flagship NETA showroom (with charging stations) with other facilities such as F&B outlets, badminton courts, and a TVET training academy.

Neta V e-SUV launched, priced from RM100,000

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