Proton GEN.2 to be sold in China
Proton Holdings Bhd has inked an agreement with China's Jinhua Youngman Automobile Manufacturing Co Ltd to sell 30,000 units of its GEN.2, rebranded the Europestar, in China.
The national car maker said Youngman, apart from reselling Europestar, will eventually develop a new range of 'Made-in-China' Europestar cars with the engineering services of Lotus.
Proton managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir in a statement said the agreements with Youngman would enable Proton to sell its products and commercialise its technologies in China.
Proton said car ownership in China was currently at only 1% of the population. With the middle-income group growing in size spurred by economic growth expected to be above 8% annually, the car market is estimated to be revved up by 20% to 30% annually in the next few years.
Youngman is a commercial vehicle manufacturer that has been awarded a licence from the Chinese authorities to produce passenger vehicles.
Proton said the luxury coach and truck maker does not only have a wealth of experience in the Chinese market but has also formulated aggressive plans for its new Europestar brand.
The agreements were signed by Proton managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir while Youngman was represented by its chairman Pang Qingnian.
In a filing with Bursa Malaysia, Proton said the agreement, signed by wholly-owned subsidiary Perusahaan Otomobil Nasional Sdn Bhd, will see the supply of the 30,000 GEN.2 car to Youngman for a period of 20 months from the date of first delivery.
"At the same time, the company, through its 55% owned subsidiary, Proton Parts Centre Sdn Bhd, will supply genuine service parts to Youngman," said Proton.
"The relationship of Proton and Youngman is one of independant contracting parties and shall not be construed as creating an agency or partnership between the parties," said Proton.
The agreement firms ties with Youngman first established with Proton with the signing of a Memorandum of Understanding in May 2006 on the licensing of technologies.
Proton said the MoU was for a joint feasibility study on designing, developing and selling completely knocked down (CKD) vehicles in China.
The national car maker said Youngman, apart from reselling Europestar, will eventually develop a new range of 'Made-in-China' Europestar cars with the engineering services of Lotus.
Proton managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir in a statement said the agreements with Youngman would enable Proton to sell its products and commercialise its technologies in China.
Proton said car ownership in China was currently at only 1% of the population. With the middle-income group growing in size spurred by economic growth expected to be above 8% annually, the car market is estimated to be revved up by 20% to 30% annually in the next few years.
Youngman is a commercial vehicle manufacturer that has been awarded a licence from the Chinese authorities to produce passenger vehicles.
Proton said the luxury coach and truck maker does not only have a wealth of experience in the Chinese market but has also formulated aggressive plans for its new Europestar brand.
The agreements were signed by Proton managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir while Youngman was represented by its chairman Pang Qingnian.
In a filing with Bursa Malaysia, Proton said the agreement, signed by wholly-owned subsidiary Perusahaan Otomobil Nasional Sdn Bhd, will see the supply of the 30,000 GEN.2 car to Youngman for a period of 20 months from the date of first delivery.
"At the same time, the company, through its 55% owned subsidiary, Proton Parts Centre Sdn Bhd, will supply genuine service parts to Youngman," said Proton.
"The relationship of Proton and Youngman is one of independant contracting parties and shall not be construed as creating an agency or partnership between the parties," said Proton.
The agreement firms ties with Youngman first established with Proton with the signing of a Memorandum of Understanding in May 2006 on the licensing of technologies.
Proton said the MoU was for a joint feasibility study on designing, developing and selling completely knocked down (CKD) vehicles in China.
posted by SEE FU at 8:35 AM
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