(Bloomberg) -- Porsche AG is setting up an assembly plant in Malaysia as the German automaker looks to make the nation its Southeast Asian hub, the Edge weekly newspaper reported, citing people familiar with the matter it didn't identify.
Porsche will partner with Inokom Corp., a unit of Sime Darby Bhd., in the venture, which will be located in the northern state of Kedah, the Edge said. The facility will be the company's first assembly plant outside Germany, the report said.
The move by Porsche will be a much-needed boost to Malaysia, which has lagged behind Indonesia and Thailand in securing big investments by global automakers, the report said.
Christian Weiss, Porsche's deputy director of corporate communications, said Southeast Asia has great potential and the company is continuously examining options for further growth in this market, the Edge reported.
©2021 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
