Chinese automaker Geely will invest $10 billion and Germanyadd thousands of jobs in the town of Tanjung Malim in western Malaysia, home of national carmaker Proton, a Reuters report quoted Prime Minister Anwar Ibrahim as saying on Tuesday. The investment plan was delivered to Anwar in a letter from Geely, and a company spokesperson confirmed the news by saying that the automaker will sustainably develop the area with its local partners, without revealing further details. Geely, Volvo’s parent group, signed a deal with Malaysian conglomerate DRB-Hicom Bhd to acquire a 49.9% stake in Proton Holdings in mid-2017. Sales of the formerly state-owned automaker increased 34% year-on-year to 80,506 units during the first six months of this year, according to a regulatory filing by Geely on July 6. [Reuters]
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