link : A Chinese Carmaker Is Set To Acquire Our Beloved Proton
A Chinese Carmaker Is Set To Acquire Our Beloved Proton
DRB-Hicom has issued a notice to the Malaysian stock exchange on Tuesday evening saying its shares would be suspended on Wednesday pending an announcement.
Geely will acquire 49% of Proton after beating out PSA Group, a Paris-based automaker manufacturing Peugeot and Citroen cars in a bidding rivalry.
Zhejiang Geely Holding Group currently has control over Hong Kong-based Geely Automobile and Sweden’s Volvo Car Group. Proton on the other hand has power over British sports car maker, Lotus.
Proton has been struggling over the years and it is said that with Geely’s investment, it would help “grow its sales overseas” and “recover some of the global presence it has lost in recent years.”
Apart from investments, Geely will offer some of its technology to Proton to help boost the Malaysian automaker’s sales in right hand-drive markets such as the United Kingdom, India, and Australia.
Proton was founded by our former Prime Minister, Tun Dr. Mahathir Mohamad in 1983. The first national car, Proton Saga was introduced to the automotive market.
The brand had a dominant market presence since its introduction but business hasn’t been so good for them in recent years citing quality issues and stiff competition for the decline.
What do you think of this decision? Will it help Proton regain its prime days and popularity? Or will it be a total flop? Share your thoughts in the comments section below.
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