KUALA LUMPUR: CSH Alliance Bhd (CAB) has acquired a plot of 1.07 acres of industrial land in Petaling Jaya for RM10 million from the vendor, M Xpress Sdn Bhd.

The acquisition was made through CAB's wholly-owned subsidiary and electric vehicle (EV) business arm, Alliance EV Sdn Bhd (AEV).

The land, located at Jalan Tandang, is intended for EV businesses to set up a 4S (sales, service, spare parts, and body & paint) services centre and showroom to provide the related after-sales services to EV consumers as well as to showcase EV models.

CAB executive director Peter Yap said the acquisition of Jalan Tandang land is part of the company's strategic move to address BYD Malaysia Sdn Bhd's (BYD) requirements to have a showroom for customers to visit and a 4S service centre in Klang Valley.

He said Jalan Tandang is a key location within the vicinity of many small and medium enterprises (SMEs) and transportation companies that require EVs for commercial use.

"With the support of our strategic partnership with BYD, a leading rechargeable battery and automotive maker, AEV is prepared to go full force in the EV business once we get the relevant import permits and approvals from the government.

"We have a committed logistics customer, the plots of land required to set up the upcoming 4S service centre and the future local assembly plant," he said in a statement.

CAB has acquired 55 acres of land in Tanjung Malim intended for a local assembly plant due to Tanjung Malim's strategic location within the Automotive Hi-Tech Valley (AHTV), which will house the biggest automotive manufacturing plant in Malaysia with comprehensive supply chain companies around the area.

AHTV is expected to be a major high-impact project to boost the national automotive industry and is envisioned as an automotive industry hub for the ASEAN region.

"AEV will be able to tap into these available resources, expertise, and materials immediately," Yap said.

The global electric vehicle market is anticipated to grow five-fold from US$ 287.36 billion in 2021 to US$ 1.31 trillion in 2028.

As the EV industry in Malaysia is still in its infancy, AEV expressed its confidence in the huge potential and prospect for the company to capture the potential market, especially in the booming e-commerce and logistics industries which are driving the logistics service providers to embrace advanced technologies and their commitment towards the zero-emission target.