Malaysian auto brand Proton could finally expand its market reach beyond its borders, as well as build more high-tech cars in the near future. This has been made possible after parent company Geely Auto signed a new partnership agreement with the newly-acquired Malaysian auto brand.
Under the new strategic cooperation agreement framework, Proton will be able to utilize core technologies from Geely to further expand their automotive portfolio. Besides acquiring new tech from Geely Auto, the framework will also allow Proton to globally expand its share in Southeast Asia and in global markets, and set in motion a potential launch in the Chinse market.
Present during the ceremonial signing of the new agreement were key personnel from Geely and Proton. These included Geely Holding Group President An Conghui, DRB-HICOM Managing Director Dato Sri Syed Faisal Abar and Geely Holding Group executive vice president and CFO Daniel Donghui Li. Also in attendance was Malaysian Prime Minister Dr. Mahathir bin Mohamed who recently won the elections and became the oldest leader of a nation at 92 years old.
“Today is a very special day for us as we are here in Hangzhou to build the first plant outside Malaysia; in the biggest automotive market in the world. This strategic cooperation will have a focus on introducing electrification into our products via the extensive know how available with our partners and within ourselves at Proton”, said Dato Sri Syed Faisal Albar, Proton Chairman and DRB-HICOM Group Managing Director.
Meanwhile, Geely Holding Group Chairman Li Shifu, said that this new cooperation framework will assist the Proton brand in fully achieving its full potential in Malaysia and Southeast Asia.
“Today’s cooperation agreement is an extension of the existing partnership that we have established with DRB-HICOM. This new framework will help us to embark on the next stage of development for Proton Cars,” added Shifu.
This latest development follows Geely's 49.9% acquirement of shares in Proton and Lotus from parent company DRB-HICOM back in June 2017. Apart from that, Geely also owns Swedish automaker Volvo. With these companies, Proton could synergize with Geely's other brands in order to boost their market share worldwide.