Genetec has reported record quarterly revenue in the third quarter of FY23, with revenue increasing by 20.5% qoq and 30.5% yoy to RM85m.
However, the EBITDA margins decreased due to forex losses, a less profitable sales mix, and development costs for new battery energy storage system projects.
Despite this, the company's 9MFY23 sales and core net profit rose by 39% and 34% yoy, respectively,
GENETEC recently completed a private placement to fund future expansion. It will use 53% of the proceeds to expand its manufacturing facilities, increasing production capacity by almost 1.5x.
The company also completed the development of its in-house BESS and is preparing to begin a pilot run, which could be a new growth driver from FY24F.
KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) has approved TESLA’s application to import battery electric vehicles (BEV) into Malaysia.
In realising this objective, Tesla will establish a head office in Malaysia, introduce Tesla's "experience centres,” service centres and establish its "Supercharger” network.
TESLA’s presence in Malaysia is expected to create skilled and better-paying job opportunities for workers in the BEV segment and increase the participation of local companies in the TESLA ecosystem, both domestically and globally.
Welldone Tesla coming to Malaysia. TESLA’s presence in Malaysia is expected to create skilled and better-paying job opportunities for workers in the BEV segment and increase the participation of local companies in the TESLA ecosystem, both domestically and globally.
"We will also strategically leverage on our established electrical and electronics ecosystem to make Malaysia the preferred investment destination for technology related to electric mobility,” he added.
TESLA first applicant
The entry of TESLA has been facilitated by Miti through the introduction of the BEV Global Leaders initiative, which aims to help boost BEV demand in the local market and further promote the development of the entire ecosystem to support BEV adoption.
"In addition, the initiative seeks to secure investments from leading global BEV manufacturing companies in Malaysia. Tesla is the first applicant of this initiative by Miti,” the ministry said. - Bernama
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Genetec A baby step
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Lithium Stocks Crashed. Now We Know Why. What It Means for Tesla, EV Battery Stocks. https://klse1.i3investor.com/blogs/genetec_rm400/2023-02-23-story-h-297429064-Lithium_Stocks_Crashed_Now_We_Know_Why_What_It_Means_for_Tesla_EV_Batte.jsp