With DRB-Hicom and Geely still in the midst of finalising the latter’s acquisition of Proton, the completion of a business plan to turn around the struggling national carmaker is only expected to be completed by the end of 2018 – even though DRB-Hicom has stated that formulating said plan is the priority of both parties involved.
According to The Edge, group managing director Datuk Seri Syed Faisal Albar said, “We are in talks with Geely, we’ve already started working on the business plan though we still have a lot more work to do in terms of deciding on the local content and investments needed.”
He added that it will be a while before Proton is back in fit financial shape. “The turning around of Proton would take some time. It’s a journey. But what Geely would help immediately would be to reduce costs of doing business as they have the economies of scale,” Syed Faisal said.
The creation of a new business plan for Proton is part of a definitive agreement signed on June 23, in which Geely agreed to purchase a 49.9% equity stake in Proton for RM460 million. The total consideration includes an initial RM170 million cash injection, with the rest of the RM290 million being the transfer of the Geely Boyue to Proton as the basis of the latter’s first ever SUV.
Faisal remained mum on the prospect of new models in the meantime, although he did not rule them out. “For example, the Boyue SUV, we want to bring it [in] as soon as possible, but even then it will only be by the end of next year or 2019,” he said. “So a ‘turnaround’ would take time. Some of the global automakers turn around sometimes without even introducing new models, so this is something we are looking at.”
The comments came after DRB-Hicom shareholders green lighted the disposal of its stake in Proton and Lotus to Geely during an extraordinary general meeting (EGM) last week – aside from the aforementioned 49.9% stake in Proton, Geely also purchased a 51% stake in Lotus. The other 49% goes to Etika Automotive, a company owned by Tan Sri Syed Mokhtar Al-Bukhary, who happens to control DRB-Hicom.
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Kthxbye Proton *tearstreaming
Tak payah turnaround lah, minta dari rakyat sama kan?
turnaround is still needed in order to stay alive. but proton will need to realise new models will be considered a third phase. what is more important for Proton is to sell the current models. proton may just have to think why ppl still not buying even though the cars have high safety rating and good handling. plus cheap price, long warranty and free maintenance package all thrown in. but WHY nobody buying?? the reason is – proton after sales quality is really really BAD. JD power CSI rating is a genuine proof. fix this one proton.
No need turn around just give 30% car price reduction as promised.
Wait a darn minute. When reduced prices, u pulak hentam no RV. So mana mau ni?
Which world u came from that has bog standard cars RV higher than purchase price?
After sales ,service very bad.Car got problem they cannot solve.Recently bought proton persona.
Rileks bro. Biasa la proton ma.
Recently i bought jepunis car oso same what.
I think the slow turnaround is caused by INTERNAL POLITIKING and crony suppliers,inherited from Tun era.
By end 2018,another 16 months….the mus will have to ditch out 2 more rounds of BAILOUT SOFT LOANS….when protong cant pay suppliers,whose favourite TRICK is bang tables and cry.
Tell us,at 65-70,000 units sales,can u make money?
It will be another year of RECORD losses for mr.DRB.
yOU R RUNNING a 100meter race,by using a cacat runner.Just shambolic.
“According to The Edge” Oh yeah, sure. Wait, werent they the one that said Geely no more interested to buy P1 anymore?
So, like, is their kristel ball still function properly?
Lotus UK staff must be so relieved. hehe
Does it mean if any new car from Proton-Geely that only will happen in 2019 onward? The Boyue SUV based could be as late as 2019?
Thts ok..they can take their own sweet time..2028 pun boleh..we have lotsa choices nowdays la
Bravo P1! U didn’t disappoint us! LOLL
Have heard this same piece of bollocks since the start of DRB take over of proton in 2012. Utterly useless.
Berapa punya lama daa turnaround..
Yawn. Geely Malaysia ni sembang kacang.
Buat camner, Geely Malaysia 49% ajer. Hu3
In Corporate mergers, the time line is similar (usually no more than 2 years). By then, divisions will either merge or be spin off (sold).
But this transition period can be turmoil and uncertainty for staff & vendors. Office politics of course will be running in overdrive.
Please turn back to care Thailand customer.We will
need to get your Customer care.(particular service center)
We have already bought your cars but…………..
How about future plan in Tailand.
See you in Thailand.
Buy Proton better, don’t buy Perodua cause Perodua doesn’t have any safety features, Perodua only scores four stars safety rating and Perodua also having rear axle problem whereas Proton have safety features, Proton scores five stars safety rating and Proton doesn’t give any rear axle problems.
Time for a hard reboot starting from the top. This is no journey, its a nightmare horror movie and yet P1 management still dragging till 2018?
Bloated ego and zero urgency rules.
Millions lost everyday and yet …
rilek lah bro mari kita kena coffee latte + keropok lekor.
People always wanting to buy Proton but after their turnaround is completed. The problem is Proton’s turnaround never complete. That is why Proton’s sales is so low.
Turnaround, every now and then I get a little bit lonely and you’re never coming round
Turnaround, every now and then I get a little bit tired of listening to the sound of my tears
Turnaround, every now and then I get a little bit nervous
That the best of all the years have gone by
Turnaround, every now and then I get a little bit terrified
And then I see the look in your eyes
Turnaround bright eyes, every now and then I fall apart
Turnaround bright eyes, every now and then I fall apart
Turnaround, every now and then I get a little bit restless and I dream of something wild
Turnaround, every now and then I get a little bit helpless and I’m lying like a child in your arms
Turnaround, every now and then I get a little bit angry and I know I’ve got to get out and cry
Turnaround, every now and then I get a little bit terrified
But then I see the look in your eyes
Turnaround bright eyes, every now and then I fall apart
Turnaround bright eyes, every now and then I fall apart
And I need you now tonight
And I need you more than ever
And if you only hold me tight
We’ll be holding on forever
And we’ll only be making it right
‘Cause we’ll never be wrong together
We can take it to the end of the line
Your love is like a shadow on me all of the time
I don’t know what to do and I’m always in the dark
We’re living in a powder keg and giving off sparks
I really need you tonight
Forever’s gonna start tonight
Forever’s gonna start tonight
Once upon a time I was falling in love
But now I’m only falling apart
There’s nothing I can do
A total eclipse of the heart
Once upon a time there was light in my life
But now there’s only love in the dark
Nothing I can say
A total eclipse of the heart
Turnaround bright eyes
Turnaround bright eyes
Turnaround, every now and then I know you’ll never be the boy you always wanted to be
Turnaround, every now then I know you’ll always be the only boy who wanted me the way that I am
Turnaround, every now and then I know there’s no one in the universe as magical and wondrous as you
Turnaround, every now and then I know there’s nothing any better
And there’s nothing that I just wouldn’t do
Turnaround bright eyes, every now and then I fall apart
Turnaround bright eyes, every now and then I fall apart
And I need you now tonight
And I need you more than ever
And if you’ll only hold me tight
We’ll be holding on forever
And we’ll only be making it right
‘Cause we’ll never be wrong together
We can take it to the end of the line
Your love is like a shadow on me all of the time
I don’t know what to do and I’m always in the dark
We’re living in a powder keg and giving off sparks
I really need you tonight
Forever’s gonna start tonight
Forever’s gonna start tonight
Once upon a time I was falling in love
But now I’m only falling apart
Nothing I can do
A total eclipse of the heart
Once upon a time there was light in my life
But now there’s only love in the dark
Nothing I can say
A total eclipse of the heart
This song probably played on loop at their office lobby
Ok lah. Then we will wait until your turnaround to complete. Itu pun kalau it ever start. Or is there even a plan in the first place?
Proton, where is your GDI & TGDI engines supposed due on end 2017 based on previous reports? No hints whatsoever?
We went straight to EV…
IF Malaysian were to believe in P1 promises, Cows can fly & P1 will not be sold off(49.9%) to Geely to pay off billion’s in debts. Looks like GDI/TDGI is part of the R&D debts we are paying. Good question asked bro. Cheers…
Remember Proton Emas hoo haa ?
Wet dreams perhaps.
The design sold to VW
Search the keyword “turnaround”, you will see the almost all the posts are related to Proton and go as early as 2006.
Yup…tht bonnie tyler song was actually meant for Proton…she made millions…proton took billions from us.
Same goes to other bailed out companies, so?
seriously, how many turn around we have had already?
rakyat money been turn around to proton more..
BY THE END OF 2018 OR EARLY 2019, BOYUE SUV WILL BE CONSIDERED AS OUTDATED MODEL, EVEN A 3 YRS OLD KID KNOW ABOUT THIS SIMPLE COMMON SENSE. SO, IT MEANS THAT PROTON SPENT 290 MILLIONS TO BRING IN AN OUTDATED MODEL.
PROTON IS JUST A BRAND NAME. THE BIG PROBLEM IS NOT THE CAR BUT THE BUNCH OF INCOMPETENT “PROFESSIONALS” WHO RUN THE PROTON.
By end of 2018, why take so long because Geely not a major shareholder cannot demand term and conditions for parts made in CHina used for SUV manufactured here. I predict the end of life (EOL) for Geely and Proton by 2020.