KOTA KINABALU, July 28 — SK Nexilis, South Korea’s second-largest conglomerate, may further expand its investment in Sabah with an electric vehicle (EV) and battery industry chain project worth RM3.4 billion, said state Industrial Development and Entrepreneurship Minister Ginger Phoong Jin Zhe.
He said that the SK Group has agreed to expand its investment in Sabah after its RM4.2 billion injection to construct the world’s largest copper foil manufacturing plant in Sabah.
“SK Group has also committed to an additional investment of RM 300 million (into the copper foil plant. This additional investment will be utilised to optimise copper raw materials with modern technology, thereby increasing copper foil production,” he said.
Phoong, who recently concluded a visit to South Korea, said the move will holistically develop the battery industry chain and stimulate the growth of the electric vehicle industry in Sabah.
The Luyang assemblyman said that the copper foil manufacturing plant, located in Kota Kinabalu Industrial Park, is set to commence production by the end of this year.
“SK Nexilis has already completed their first product inspection in Sabah,” he said.
He said that while copper foil is an indispensable component in electric vehicle batteries, it represents only one part of the electric vehicle industry ecosystem.
“The electric vehicle industry is poised to become the next automotive revolution, especially in an era when the world is committed to achieving net zero.
“Conventional automobiles will gradually be replaced by electric vehicles, encompassing not only ordinary household vehicles but also commercial vehicles, buses, and industrial machinery.
“The potential and significance of this industry are unparalleled,” he said.
