According to a report by The Star, Proton Holdings Bhd is seeking up to RM3 billion to fund the development of new models. A source told the English daily that MITI and Petronas have declined to assist in the funding, after the national carmaker approached them last year.
The report also reveals that Proton has appointed Datuk Abdul Harith Abdullah as acting CEO to replace Datuk Lukman Ibrahim. Lukman first announced his resignation in July 2013, citing personal reasons, but rescinded that decision after a few months. Rumours concerning a second resignation surfaced last month – unconfirmed by Proton so far.
Proton has committed RM3.8 billion in investments until 2017 and needs more capital to be competitive and achieve its turnaround plan (350,000 sales by 2018), while Perodua has committed RM1.8 billion until 2015, according to The Star. See 2013 MAA sales figures.
With drops in sales and market share of late, analysts foresee a mountain to climb for Proton, in light of NAP 2014‘s aims to liberalise the market, and Perodua’s steady performance thus far. Will the Global Small Car be able to change Proton’s fortunes?
AD: Drive the Proton model of your dreams. Submit your details and Proton PJ will get in touch with you.
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AI-generated Summary ✨
Comments are largely negative and skeptical about Proton's RM3 billion funding request for new models, with many critics arguing that Proton has been inefficient, uncompetitive, and reliant on government bailouts over 30 years. Several comments highlight Proton’s poor sales, outdated technology, and management issues, questioning whether the investment will yield any real turnaround. Many express distrust in Proton's ability to turn around without external help and suggest that the company should cease operations or be sold to foreign automakers like VW or Chinese companies. Some comments also criticize government support, calling it unfair, and emphasize that Proton's past performance does not justify further funding. Overall, sentiments are mostly disapproving, with a strong call for Proton’s closure or privatization and skepticism about the utility of further government aid.