Pro-Net, a subsidiary of Malaysia's national carmaker Proton, in which Geely holds a 49.9% share, will handle the distribution of the Smart cars. Additionally, Pro-Net will extend its distribution to Thailand and plans to bring the brand to the east Malaysian states of Sarawak and Sabah next year, aiming to capture 10% of the country's EV market share.

Geely is making an investment of an unspecified sum in a state-of-the-art automotive city in Tanjung Malim, Perak, which also houses Proton car manufacturing facilities, the report read.

Mercedes Benz Group AG (OTC:MBGAF), a collaborator in the Smart project, became the first car manufacturer to locally assemble an electric vehicle in Malaysia this year, starting with its EQS model, it added.

At a media briefing on Tuesday, Proton CEO Li Chunrong affirmed the company's plans to develop its own EV in the future, Bloomberg noted. 

While he didn't divulge further specifics, he emphasized that the immediate priority is to begin the local assembly of Smart EVs in Malaysia, the report added.

Price Action: GELYF shares closed lower by 2.44% to $1.20 on Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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