Careplus Group Bhd has teamed up with GoAuto Group Sdn Bhd to venture into the electric vehicle (EV) sector. The companies have signed a term sheet, outlining their agreements and commitments as joint venture partners in EV operations.
The partnership aims to establish an importation, distribution, assembling, and manufacturing hub for EVs through joint venture companies. While the term sheet represents the initial step toward Careplus' entry into the EV business, definitive agreements and feasibility studies will follow, subject to careful evaluation by the board. Careplus sees this collaboration as an opportunity to explore and invest in viable renewable energy and energy efficiency management businesses.
The joint venture may also involve leasing out Careplus' currently unutilized properties to support the injection of value into the relevant joint venture companies, minimizing initial investment commitments. Although the term sheet's translation into definitive agreements is not guaranteed, it highlights Careplus' long-term ambitions and potential for growth in the EV industry.