KUALA LUMPUR (Nov 16): Sime Darby Bhd is setting up a mobility special taskforce for its motors division to explore new trends and opportunities for growth in the automotive sector.

In a statement Tuesday (Nov 16), the conglomerate said that as part of this strategy, it has invested a total of about RM42 million to date in mobility players.

Sime Darby acknowledged the evolution in the industry and is taking dynamic steps to future-proof its motors business.

Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said it has developed a mobility strategy as part of efforts to revolutionise and transform the motors division to be ready for the future of automotive.

“Our thrust into Mobility is our Engine Two to Sime Darby Motors’ Engine One, which we are continuing to fortify to its full potential,” he said.

Engine One refers to the group’s existing motors business, which it is continuing to strengthen, while Engine Two relates to its future-focused strategies to capitalize on new mobility trends.

Jeffri said Sime Darby is well-positioned to be the strategic partner for new mobility players offering a turnkey solution for all mobility needs through a wide range of fleet management services and across the electric vehicle (EV) ecosystem.

He said with EVs transforming the automotive landscape, Sime Darby aims to capitalise on its many strengths along the value chain to become the leading EV specialist in the region through the assembly, distribution and retail of EVs, as well as by playing an active role in the charging infrastructure value chain.

Jeffri said Sime Darby’s recent investment of RM42 million in car sharing company SOCAR and online used car platform CARRO demonstrates the group’s ambitions to expand in mobility.

Its participation in CARRO’s series C extension fundraising exercise is less than two months after investing in SOCAR’s expansion plans.

“These investments are critical in growing our business beyond the traditional dealerships and in embracing alternative ownership models, as well as to capitalise on the strong growth potential in the car sharing industry in the region.

“Our investments in these start-ups are strategic and symbiotic, and they come after we have spent the last year or two in collaboration on several fronts to see how we can leverage on each other’s strengths,” he said.

At midday break, Sime Darby was unchanged at RM2.21, valuing it at RM15.03 billion.