Zhuhai CosMX to invest millions in new Malaysian plant
Zhuhai CosMX Battery Co Ltd, a manufacturer of consumer lithium-ion batteries and power lithium-ion batteries, plans to build its first manufacturing plant in Kedah, Malaysia.
The new facility under Unimx Technology Malaysia Sdn. Bhd. will be implemented in several phases at Kulim East Industrial Park, with groundbreaking expected to take place during the last quarter of 2024. The company is investing MYR 1 billion (USD 229 million) in the project to meet the growing global demand for lithium-ion batteries.
“On behalf of CosMX, I express immense joy and pride in the upcoming investment to construct a lithium-ion battery factory in Malaysia. This marks a significant step in our global strategic deployment and is a testament to our recognition and trust in Malaysia as an investment destination,” says Mr Xu Yanming, Chairman of CosMX, in a press release from the Malaysian Investment Development Authority (MIDA).
The project is set to create over 1,000 jobs, according to Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA.
“Revolutionising battery technology is no easy task, but MIDA is proud to support and facilitate Zhuhai CosMX on this ambitious journey. Their cutting-edge expertise is going to have a big ripple effect on our local ecosystem. As a partner, we are committed to providing Zhuhai ÇosMX with the support and facilitation they need for the project to succeed, and we’re confident that their presence will have a positive impact on both the economy and rakyat.”
