KUALA LUMPUR, Jan 15 (Reuters) - Malaysia's No. 2 national carmaker Perusahaan Otomobil Kedua Sdn Bhd (Perodua) plans to invest some $770 million over four years to increase manufacturing efficiency, build more showrooms and after-sales service centres.
The maker of low priced compact cars which commands nearly a third of the domestic market is seeking to increase productivity and cuts costs ahead of moves by the government to abolish or reduce duties on foreign imports of cars in the coming years.
The 2.32 billion ringgit investment plan includes 790 million ringgit announced last month for a second manufacturing plant to boost production by 50 percent.
"A large portion of our capex over the next few years will be focusing on further strengthening our core businesses to ensure that we will be able to compete in a fully liberalised automotive market," Chief Executive Aminar Rashid Salleh told a media briefing.
He said the company had no plans to list to raise funds.
"We are blessed with enough internal generated funds to finance our future capex for at least the next four to five years," he said.
Perodua, which counts Japan's Daihatsu Motor Co Ltd , MBM Resources Bhd and UMW Holdings Bhd among its shareholders, sold 189,000 vehicles last year. ($1 = 3.0165 Malaysian ringgits) (Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)