Proton targets to be profitable by 2020, eyes EV cars

Proton Holdings Bhd chairman Datuk Seri Syed Faisal Albar said they want to turn Proton around as soon as possible.

KUALA LUMPUR: Proton Holdings Bhd targets to be profitable by 2020 following its tie-up with Chinese carmaker Zhejiang Geely Holding Group and there are plans for the latter to introduce its Euro 6 engines.

Proton Holdings Bhd chairman Datuk Seri Syed Faisal said they want to turn Proton around as soon as possible.

“There is a J-curve and it will take some time. We have to invest and there is no immediate returns. It will take some time… about two to three years,” he said at a press conference.

He also said the JV would be able to leverage on Zhejiang Geely’s expertise in Euro 6 engines as they look ahead to have these engines for the Proton cars.
The JV, he said would also look at electric vehicles.

Syed Faisal, who is managing director of DRB-Hicom was speaking to reporters at a press conference after DRB-Hicom, which sold its 49.9% stake in Proton to Zhejiang Geely for RM460.30mil, formalised their nominees to Proton group and its related companies.

In a joint statement issued by DRB-Hicom and Zhejiang Geely, they said the complete revitalisation of Proton is the key goal of both the board of directors as well as the executive team that will be heading the change.

“The joint goal of both teams is to see Proton restored to being the best-selling brand within Malaysia and a top three Asean brand in the coming years.

“To achieve this goal, the management of Proton has established a global team that is able to utilise the leading market knowledge of both shareholders; the leading local knowledge of DRB-Hicom and also  the international resources of Geely Holdings,” they said.