DRB- HICOM and General Motors Asia Pacific Holding (GMAP), a wholly-owned subsidiary of General Motors Corp (GM), have mutually agreed to discontinue their existing joint venture agreement to import and distribute Chevrolet vehicles in Malaysia from January 1, 2010.

In a statement, DRB-HICOM said after more than two years, the parties have now agreed to amicably part ways and to wind down the operations of the joint venture company.

In Aug 2007, GM and DRB-HICOM entered into a joint venture agreement, which resulted in the setting up of HICOM-Chevrolet the sole and exclusive distributor of GM automobile, parts and accessories in Malaysia.

GM and DRB-HICOM holds 51 per cent and 49 per cent stake, respectively, in HICOM-Chevrolet to distribute Chevrolet vehicles in Malaysia.

Pursuant to the joint venture, DRB-HICOM through its subsidiary, DRB-HICOM Auto Solutions was reponsible for the importation of the vehicles into Malaysia while GM was responsible for the management and operations of the joint venture company.