KUALA LUMPUR: 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. It would mark the company’s first annual profit since Zhejiang Geely Holding Group, owner of Volvo Cars, bought a 49.9 per cent stake in the loss-making company in 2017, injecting cash and new technology to help Proton’s turnaround. Proton chief executive officer Dr Li Chunrong is confident that the company will be profitable next year. However, the 2017 deal with Geely, which also has a stake in Daimler, helped it win back customers. Li said Proton is likely to set a 2020 target of a 30 per cent rise in vehicle sales, as its board meets on Saturday to set performance goals.

Source: New Strait Times December 13, 2019 09:22 UTC