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 He made this announcement following the news that Chinese automaker Zhejiang Geely had withdrawn its bid to acquire a controlling stake in Proton, The Star reports.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 and skepticism over Proton’s delayed announcement of a strategic partner, with many doubting the timeline and the company's future viability. Critics highlight past failed collaborations, poor management, and a decline in sales and reputation, often comparing Proton unfavorably to international brands like Geely and PSA. Some support finding a reliable partner or closing down to cut losses, while others emphasize patriotism and national pride, lamenting Proton’s ongoing struggles and questioning the value of government bailout efforts.