Posted on 04 Apr 2023
At the recently held Malaysia-China Business Forum 2023, Chinese automaker Geely Holding Group and Malaysian leading automotive manufacturing, assembly and distribution company DRB-HICOM signed a memorandum of understanding. The two parties plan to launch deeper collaboration on the development of new energy vehicles in Malaysia.
DRB-HICOM's automobile brand Proton's first mild hybrid vehicle, the Proton X90, will be on the market soon. Meanwhile, Geely Holding's Smart has signed an agency agreement with Proton. They will launch their first electric vehicle model, the Smart #1, in the fourth quarter of 2023, Kallanish learns.
Geely Holding entered DRB-HICOM's Proton Auto in 2017. From 2018 to 2022, Proton's sale volume increased continuously by about 118%, turning net losses into profits.
As of the end of 2022, Proton tripled its operating income, maintained the top two position in terms of sales and market shares in the Malaysian market, and ranked first in export sales.
The two parties will continue to deepen collaboration on the construction of the Automotive High-Tech Valley in Tanjung Malim.
Source:Kallanish
