Proton will be able to announce its foreign strategic partner (FSP) by May, according to second international trade and industry minister Datuk Seri Ong Ka Chuan. He made this announcement following the news that Chinese automaker Zhejiang Geely had withdrawn its bid to acquire a controlling stake in Proton, The Star reports.
Despite Geely having exited the scene, Ong said it was not the end of the road for Proton. He said that there were a few other bidders at the moment, and that the Chinese company wasn’t the only one seeking a partnership with the national carmaker. He added that the government was not going to interfere with the decision-making of which partner DRB-Hicom will go with.
“They (Proton) are currently trying to finalise the decision. As a private entity now, the Government cannot help Proton make the decision. We are only able to nudge them towards the direction in finding a strategic partner,” he told reporters.
Ong had earlier said that there could be the possibility that Proton might follow Perodua’s path by allowing its FSP to have a 51% equity stake in the company.
Yesterday, the South China Morning Post reported that Geely had pulled out of negotiations with the national automaker, the move being confirmed by Geely president An Conghui. An did not elaborate on the reasons for the decision. Earlier this month, the Chinese carmaker’s chairman Li Shufu had indicated that it was planning to pull its bid due to DRB-Hicom’s indecision regarding the partnership.
The announcement of Geely’s withdrawal from the chase means that Groupe PSA remains as the leading – and thus far, the only publicly known – contender to become Proton’s partner. The French company – which is on a global expansion exercise – confirmed it submitted a bid for a partnership with Proton, announcing last month it was in talks with the Malaysian carmaker for a deal.
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AI-generated Summary ✨
Comments express frustration with Proton’s repeated delays in announcing a strategic partner, citing past unfulfilled plans and political interference. Many critics feel Proton has failed domestically and internationally, with declining sales and poor reputation, leading to low consumer confidence. Some see potential in PSA but worry whether it will truly revitalize Proton or simply re-badge vehicles. Several commenters highlight the importance of efficient management, trimming workforce, and technological updates, criticizing Proton’s outdated models and design. There is skepticism about Proton’s future viability, with suggestions it may have to close or shift to non-automotive production. Overall, sentiments are largely negative, reflecting disappointment in Proton’s inability to secure a suitable partner and doubts about its strategic direction.