Third National Car Fund Approved, RM20 Million To Develop Prototype

The Ministry of Entrepreneur Development has revealed that a fund of close to RM20 million has been approved for the development of the third national car.

Minister Datuk Seri Mohd Redzuan Yusof said the fund was sourced from several existing grants to accelerate the development of the third national car, as reported by The Edge Markets.

The fund will be used to attract private investors to develop the first phase of the new national vehicle which is a prototype.  

He said the Ministry had also shortlisted several vendors to develop the prototype, which is scheduled to be completed by this year, and ready for sale to consumers by 2020.