Prime Minister Abdullah Ahmad Badawi said yesterday that Proton will sell stake to Volkswagen AG yesterday, causing Proton shares to go up as much as 3.6 percent to an eight-day high of 8.55 ringgit.
Volkswagen wants to lessen it’s dependance on China, where it’s market share fell from 2/3 in 1985 to just 18 percent now. If the deal goes through, Volkswagen will get it’s first factory in South East Asia.
However both parties did not quote any details so far and said talks were still being held.
In other news, the government has promised that the National Automotive Policy will be unveiled in November. I think they originally said end of September.
Source: Bloomberg
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AI-generated Summary ✨
Comments reflect disappointment with Proton's stagnation and outdated models, criticizing lack of innovation and poor quality. Many are hopeful that VW's stake purchase will bring technological improvements, better quality, and lower car prices in Malaysia. There is optimism about Proton gaining from VW's expertise and local production, but concerns over national pride, government intervention, and potential delays persist. Overall, comments are eager for positive change and better car industry prospects through the VW-Proton partnership.