Proton Holdings Berhad (PROTON), Malaysia’s first national car brand, had long been a dominant player in the domestic market and a leading brand in Southeast Asia. However, its performance since 2005 had consistently declined. In 2017, Zhejiang Geely Holding Group (Geely) became a partner by acquiring a 49.9% equity stake in PROTON and dispatched Chunrong Li, PROTON’s chief executive officer, from China to Malaysia to turn the struggling automaker around. Through a series of strategic and operational changes, Li succeeded in just two years. In June 2024, Li was confronted with a decision between two alternatives for PROTON: to continue relying on Geely’s technologies and car models, or to cultivate its own capabilities to independently develop new automobiles for Malaysia and Southeast Asia.
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