Proton Sold To Geely

Proton s fortunes have turned since geely took the 49 9 per cent stake in the company.

Proton sold to geely. In the fourth quarter of this year proton will launch its first jointly developed sport utility vehicle to strengthen its position in the home market and asean. Proton has sold over 52 000 vehicles between january and july this year a sharp improvement on the 72 000. The new agreement follows geely s investment in proton sealed last year which gave geely a 49 9 percent stake in the malaysia automaker owned by drb hicom drbm kl. The geely boyue is sold in over 17 countries across the world including russia eastern europe south america africa and south east asia.

Outside of china the boyue is also known as the azkarra atlas emgrand x7 sport and of course the proton x70 as we know it here. Geely acquires proton stake for rm460mil. Geely holding which also owns volvo car corporation and the london taxi company is one of the leading passenger vehicle carmakers in china. As part of the deal geely would also buy.

Proton also controls british. It is said that proton will issue new shares to geely for an estimated value of rm770 million rm170 million in cash and an estimated rm600 million value in terms of injection of boyue suv one of geely s best selling models launched in march 2016 platform into proton. Drb hicom bhd is selling a 49 9 stake in loss making proton holdings bhd to china based zhejiang geely holding group co ltd geely holding. The deal will also see proton sell its entire equity in british carmaker lotus to geely holding which will see the group exit the sports car segment.

Geely noted that since the chinese carmaker acquired its stake in proton the latter had seen an improvement in sales that reached a 30 month record in july 2018.