GEORGETOWN: Printed-circuit board (PCB) maker GUH Holdings Bhd plans to invest about RM50mil over the next two years to expand its operations in Penang and finance new product development activities.
Group managing director Datuk Seri Kenneth H’ng Bak Tee told StarBiz that the expansion would increase the group’s production capacity by 20%. H’ng said the RM50mil investment would be for purchasing of machinery, automating production processes and developing new multi-layered PCBs for the electric vehicle (EV), Internet of Things and Fifth-Generation (5G) technology markets.
“The growth prospects of the new industries provide ample opportunities for us to compete for business,” said H’ng. Over six million EVs and PHEVs are expected to be sold globally in 2021, representing a 98% increase year-on-year, he added. H’ng said Europe is expected to account for the highest share of new electric car registrations in 2021, followed by the United States.
Global sales of electric passenger vehicles are projected to surpass 10.5 million this year, about four million above 2021 levels, as the technology grows more mainstream, research firm BloombergNEF said in a report.
“China remains the biggest market and is projected to account for over half of global sales this year, with Europe around 30% and the United States as the third-largest market,” H’ng said. 7 Mac2022
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