KUALA LUMPUR (May 17): In its day, automaker Proton Holdings was a source of national pride and the centerpiece of a bold strategy by Mahathir Mohamad, Malaysia’s leader for more than two decades, to turn his country into an industrialised powerhouse equal to Asian Tigers like South Korea and Taiwan.

The former prime minister founded the company in 1983, calling its first sedan, the Saga, an icon of “national dignity.”

Mahathir’s dream is now in tatters and Southeast Asia’s first auto brand is in severe financial trouble, even after receiving more than US$3 billion in subsidies since its foundation. Proton is seeking to sell a stake of as much as 51% to a foreign buyer in order to keep factories open and develop new models. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook