KUALA LUMPUR (May 19): MCE Holdings Bhd (KL:MCEHLDG) has formalised a joint venture (JV) with Nanjing Chuhang Technology Co Ltd (NCT), a Chinese firm producing millimetre wave radars.

Under the JV, MCE, an original equipment manufacturer engaged in the engineering, design and manufacturing of automotive electronic parts, will own a 51% stake, with the remaining 49% held by NCT.

The new JV will develop, manufacture, and market automotive millimetre-wave radars, a key component of advanced driver assistance systems (ADAS) and automated driving applications for local and global markets, excluding China.

”This joint venture with Nanjing Chuhang Technology is an important leap for MCE as we expand our expertise and broaden our offerings in advanced automotive electronics," group managing director of MCE Goh Kar Chun said in a statement.

He added that the JV would prepare them to cater to the growing demand for smart mobility technologies, and reinforce the ambition to provide Malaysia-based high-value solutions for domestic and international markets.

He said NCT’s radar technology and MCE’s manufacturing capabilities will be a launchpad for global expansion.

At 2.30pm on Monday, MCE's share price was down 2% at RM1.44, resulting in a market capitalisation of RM201.43 million. The company recently secured mechatronic component contracts worth RM120.67 million with JVIS USA LLC and Perodua.