Spanco Group Expresses Intent To Purchase EVs From CFM

Spanco Group, the largest private rental car group in China is willing to purchase electric vehicles from Computer Form (Malaysia) Bhd (Stock code: 8044).

Tan Sri Tan Hua Choon, in a media statement, says his company, Spanco Group is the largest private rental car group in China, and has the exclusive right to lease official cars to the Chinese government.

In order to comply with the environmental, social contribution and corporate governance (ESG) policies, Spanco must switch 33% of its fleet to electric vehicles (EVs) in the coming years.

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Tan Sri Tan was the original major shareholder of CFM. Last year, he sold CFM to a consortium controlled by Dato’ Sri Jacky Pang Chow Huat, Datuk Seri Tan and others.

After a close door meeting, that took place a day after CFM’s grand signing ceremony to form a JV company with “Thailand TESLA” the Energy Absolute Group (“EA”) at MITEC, Kuala Lumpur, Datuk Seri Tan told the media that Tan Sri Tan expressed his intention to purchase electric vehicles from the new joint venture company.

Confidence In The EV Market

Datuk Seri Tan adds that “CFM is very confident of the electric vehicles market. A large number of electric vehicle groups and many government agencies have also expressed their willingness to purchase our EV.”

Energy Absolute is a listed company in Thailand with a market value of about 335 billion baht. Their electric buses, electric trucks, and electric vehicles are in production and have been launched in the Thai market. EA is also called “Thailand TESLA” by international investment banks.

Datuk Seri Tan says the cooperation between CFM and Energy Absolute will be long-term and sustainable, and CFM has entered the green industry and will be contributing to the national environment and zero carbon emissions.

The new JV company will maximise opportunities in production and distribution of electric vehicles such as EV-buses, EV-cars, EV-trains, EV-bikes and EV-boats in which Energy Absolute PCL has strong resources and proven capabilities in Thailand with estimated investment up to RM 5 billion in stages.

Energy storage and charging platforms in producing lithium-ion batteries will be developed to support the EV ecosystem on Malaysian shores.