Thursday, 21 October 2021

Malaysia’s Proton electric cars coming to Pakistan

KUALA LUMPUR: Malaysia’s automaker Proton Holdings planned to introduce its electric and other green-cars in Pakistan in partnership with a local car assembler in a deal touted to bring $200 to 300 million of investment in the country, people with knowledge of the matter said on Thursday.

Industry officials said local Alhaj Automotive Private Limited recently signed an agreement with Proton as the exclusive authorised distributor and assemblers of Proton vehicles in Pakistan. The agreement signing ceremony was held in Kuala Lumpur.

Alhaj Group would introduce modern and high tech vehicles in different categories, including entry and mid level sedans, crossovers/sports utility vehicles, multi-purpose vehicle and hatchbacks. The vehicles will be equipped with the latest and modern technologies/features and will be provided in cheapest prices.

The group has already acquired land to set up car assembly plant in Port Qasim.

The agreement came on the heels of a recent upgraded partnership between Proton Holdings and its major stakeholder Zhejiang Geely Holding Group to tap green-car technologies outside Malaysia.

Established in 1983, Proton holds major share in the Malaysian automotive industry. It also controls British sports car maker Lotus.

In August last year, Chinese owner of Sweden’s Volvo Cars Zhejiang Geely Holding Group signed an agreement to acquire a 49.9 percent stake in Proton.

The deal gives Geely a distribution network in Southeast Asia, where non-Japanese brands have struggled. Proton gets a financially strong partner and possibly more advanced technology.

Check Also

Cryptocurrencies tumble amid China crackdown

REUTERS/Dado Ruvic/Illustration/File Photo TOKYO – Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining ...

Leave a Reply