Geely taps into SE Asia

Updated 2017-06-26 09:58:14 Global Times

China's Zhejiang Geely Holding Group has officially entered the Southeast Asian market after signing a deal on Friday to acquire a 49.9 percent stake in Malaysian carmaker Proton.

With the deal, the Chinese carmaker plans to expand its market share in Southeast Asia in order to meet its sales goal of 3 million cars by 2020, Geely Chairman Li Shufu said at a signing ceremony of the new deal in Kuala Lumpur, according to Reuters.

"For Proton, we hope to help gain back market share in Malaysia, and also expand into the ASEAN [Association of Southeast Asian Nations] market," Li was quoted as saying in the Reuters report.

The agreement, valued at about 8 million, between Geely and Malaysia's DRB-Hicom, which wholly owns Proton, would also give the Chinese firm a 51 percent stake in British carmaker Lotus, which is owned by Proton.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 18 2018 12:32:59

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 18 2018 12:32:59

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 18 2018 12:32:59

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords