Chery starts iCar V23 production in Malaysia, deepening Southeast Asia push

The first locally produced iCar V23 from Chery’s iCar brand has officially rolled off the assembly line in Malaysia. Credit: iCar

Chery began construction of the new Malaysian plant in February 2025, with an initial annual capacity of 100,000 vehicles.

The iCar V23 was launched in Malaysia in November 2025, priced from 119,800 ringgit ($29,320) to 132,800 ringgit.

The first locally produced iCar V23 from Chery‘s (HKEX: 9973) new energy vehicle (NEV) brand iCar has rolled off the production line in Malaysia, as the Chinese auto giant deepens its presence in Southeast Asia.

The model, a rugged-looking, boxy all-electric SUV aimed primarily at younger consumers, will begin arriving at local showrooms in late July, according to a statement on Wednesday.

The iCar V23 was initially launched in Malaysia in November 2025 in 2 variants, priced from 119,800 ringgit ($29,320) to 132,800 ringgit.

The rear-wheel-drive V23 sold in Malaysia is powered by a single motor with a maximum output of 100 kW, while the dual-motor version has a combined output of 155 kW and peak torque of 292 Nm.

In China, the latest V23 currently on sale delivers a maximum output of 185 kW in its 2-wheel-drive version and 335 kW in its 4-wheel-drive version. The latter can accelerate from 0 to 100 km/h in 4.5 seconds.

The Chinese version is offered with driving ranges of 401 kilometers, 501 kilometers and 550 kilometers, and is priced from 122,800 yuan ($18,130) to 154,800 yuan.

Construction of Chery’s new Malaysian plant, which produces the iCar V23, began in February 2025. The facility is located in the Automotive High-Tech Valley in Selangor and covers 81 hectares.

The plant has an initial annual production capacity of 100,000 vehicles, with space reserved for a future expansion to 300,000 vehicles.

The remaining land within the complex will be available to component suppliers and may also be used for facilities including training and research and development centers.

Before the new plant was built, Chery already operated an assembly facility in Malaysia that produces the Jaecoo J7 and Omoda C9 sold in the local market.

In addition to Chery, Chinese automakers including BYD (HKEX: 1211), Geely Auto (HKEX: 0175), Xpeng (NYSE: XPEV), SAIC MG and GWM (HKEX: 2333) have entered the Malaysian market, with several having already established local plants or announced plans to do so.