Malaysia Automobile Industry
According to Web Finance Inc. (n.d.), automobile can define as motorized vehicle which consists four wheels and an internal engine as power source. Automobiles are transport vehicle which carry people and items to a destination. In this advance technology era, there are diverse designs and functions had developed to meet the demand of consumers. In Malaysia, there are many brands of car sell in market which includes imported car and local car.
Automotive sector is a key industry of Malaysia economy that provides different career job occupation and business which has significant linkage to the other sectors. The emergence of automotive industry has transformed economy Malaysia towards to high income country. According to Malaysia Automotive
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EON enjoyed the high profit margin from high selling price and cheap transfer price paid for the cars. EON also gained high profit from servicing which is the commission derived from finance companies. On the other hand, the PROTON’s deputy chairman, Mohammed Saufi Abdullah resigned due to the repeated losses of Proton and the Proton’s executive director, Wan Nik Ismail was replaced by Kenji Iwabuchi, the former director of MMC (Jayasankaran, 1993). After that, Proton began to sell Proton car in high transfer price to EON.
The other two Japanese carmakers, Toyota and Nissan also entered the market of Thailand, Philippines and Malaysia. Under the ASEAN brand-to-brand complementation scheme, the participating states had cutting tariff by at least 50% for car components and the imported car also count towards local content rules. MMC, Toyota and Nissan had signed up to this ASEAN
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However, his death March 1997 in a helicopter crash caused the DRB-HICOM and PROTON turned into bad condition. After that, Petronas took over DRB-HICOM’s controlling share of PROTON in 2000. In 2004, Mitsubishi sold its entire stakes to Khazanah Nasional Berhad which became the largest stake of 43% and PTORON was fully acquired by DRB-HICOM in 2012. The latest news that DRB-HICOM had completed sold its 49.9% share of Proton and 51% share of Lotus Advance Technologies Sdn Bhd to Zhejiang Geely Group Holding Co. in September
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