Groupe PSA and Malaysia’s Naza Sign Deal to Produce Cars for South East Asia
French automaker Groupe PSA and Naza Corp of Malaysia have just signed an agreement to produce PSA-branded cars in the Malaysian and the ASEAN region.
The companies signed a share sale agreement and a joint venture agreement to establish a shared manufacturing hub in Kedah, Malaysia, where PSA will own a 56 percent stake in the manufacturing hub.
Image credit – www.thestar.com.my
Naza Corp’s SM Nasarudin and Carlos Gomes of PSA at the signing ceremony.
The plant will have a capacity of 50,000 vehicles and the first vehicles that are set to be produced in 2018 will be Peugeots, followed by Citroëns in 2019.
“The creation of the ASEAN (Association of South East Asian Nations) hub in Gurun, Kedah is a significant leap forward for Groupe PSA which will lead to the development of a profitable business in the region as part of our Push to Pass strategic plan,” said Carlos Tavares, chairman of the Managing Board of Groupe PSA.
PSA’s “Push to Pass” strategic plan includes increasing sales in 2018 by 10%, and by 2021, up to 15%.
“The Naza Group will have sole responsibility for the distribution of Peugeot, Citroen and DS Automobiles in the domestic market and, with PSA, will explore distribution prospects in other Asean markets,” the joint statement said.