Malaysian carmaker Proton could return to profit this year after years of losses, driven by new product launches and aggressive cost-cutting under a joint management with China's Geely, its chief executive officer said.
"I think this year we could make a profit. Financial performance has improved a lot. You will see the numbers at the end of this year," said Li Chunrong, who has been Proton's CEO since Geely's acquisition.Founded in 1983, Proton has reported losses for years and had resorted to state aid for survival, hit by intensifying competition from Japanese rivals such as Toyota Motor Corp's Daihatsu and Honda Motor.
The Malaysian company is nearing its target of selling 93,000 cars this year and expects sales to hit 100,000 units, up around 54 percent from last year. The partners will build the X70 in Proton’s revamped car plant, which is able to make other Geely models, according to the statement.
We must all realize that protectionism and cronyism will not work well in business. Be competent and independent.
It's China's Geely!
How did a national car became a fakeproton after tens of billions invested
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