Chinese automaker Geely agrees to invest up to $10 billion in Proton’s new Automotive Hi-Tech Valley manufacturing base, according to Malaysian Prime Minister Anwar Ibrahim.
The site, located in the city of Tanjung Malim in western Malaysia, will serve as the new global headquarters of the Malaysian brand, currently based in Shah Alam.
Anwar says the investment plans were conveyed to him “in a letter from Geely Holding” at an agricultural event in the Malaysian state of Selangor, reports the Malaysian state-run news agency Bernama.
Geely Holding holds a 49.9% stake in Proton, which the Malaysian government established in 1983.
A spokesman at Geely’s headquarters in Hangzhou, China, tells Wards the Chinese automaker is “fully committed” to working with Proton to develop the Tanjung Malim site.
But while Geely has indicated its support for the plans, it is yet to officially disclose how much it intends to invest in the construction and establishment of Proton’s new headquarters and global manufacturing base, saying it will reveal the budgeted investment at a later date.
Geely previously announced it would partner with Proton’s majority shareholder, DRB-HICOM, to develop the Tanjung Malim site. At the time, it indicated a budget of $4.46 billion had been agreed between the two companies.
Proton’s H1 2023 sales totaled 77,321, a 28.6% increase over the same period in 2022.
Zhejiang Geely Holding Group, privately held by Chinese billionaire entrepreneur Li Shufu, is becoming quite the basket of automotive brands, owning or holding significant stakes in Geely Auto, Geometry, Maple, Zeekr, Volvo Cars, Polestar, Proton, Lotus, Aston Martin, smart car (via JV with Mercedes-Benz) as well as commercial-vehicle businesses London EV Company, Ouling and Farizon Auto Brands. It also has a motorcycle business.
