Proton to bring in RM170m investment


Proton Holdings Bhd expects to help bring in an initial investment of RM170 million into the country through collaboration agreements signed between its vendors and their overseas counterparts.

Proton chairman Datuk Seri Syed Faisal Albar Syed AR Albar said the first batch of agreements — inked yesterday by 14 local and foreign vendors — range in scope from joint ventures, to technical assistance for the local production of the newly-introduced Proton X70 SUV.

He said this marked the first step in building a supplier base that could meet the technology and quality standards of new-generation Proton vehicles developed in partnership with Zhejiang Geely Holding Group Co Ltd.

“The (investment) amount is expected to multiply over the years in tandem with the growth of Proton’s manufacturing volume. It is also part of Proton’s commitment to grow its sales domestically and via the export markets, as Tanjung Malim is transformed into a research and development (R&D) and transportation hub for right-hand drive models within the Geely group,” he added.

He was speaking at the signing of the agreements, which was witnessed by State Investment and Corridor Development Committee chairman Datuk Seri Mohammad Nizar Jamaluddin, at the carmaker’s plant here.

Also present were Proton CEO Dr Li Chunrong and his deputy Datuk Radzaif Mohamed.

To turn Tanjung Malim into the R&D and transportation hub, Syed Faisal said Proton is investing RM1.2 billion in plant expansion initiatives to cater to the manufacture of all new Proton models there.

The long-term goal is to re-establish the brand as a market leader domestically, while growing its presence internationally — particularly in Asean right-hand drive markets.

The Proton X70 will be the first model jointly developed by Proton and Geely to be made at the Tanjung Malim plant.