Toyota, Mazda to spend US$1.6b on joint US auto plant

TOKYO, Aug 5 — Toyota Motor Corp and Mazda Motor Corp agreed to buy stakes in each other and jointly build a US$1.6 billion (RM6.84 billion) US factory, the auto industry’s first new assembly plant to be announced under President Donald Trump….

[Update] Geely Auto (HKSE) share surged to record high

GEELY AUTO (00175.HK)  share prrice has surged to record high of $16.46 at noon from $4.09, the price of 52 weeks ago. GEELY AUTO (00175.HK)  +0.620 (+3.995%)  Short selling $97.96M; Ratio 9.412%  breached above the record high of $15.78 and peaked at $16.46. It last stood at $16.3, showing a continuous rise of 5%, on volume and turnover of 53.43 million shares and $860 million. The automobile stock was the best performing blue chip. GEELY AUTO announced that the board lot size of the shares for trading on the Stock Exchange will be changed from 5,000 shares toRead More

[Update] Proton sells stake to Geely for RM460m

KUALA LUMPUR: The total consideration for the disposal of a 49.9% stake in DRB-Hicom Bhd's automotive arm Proton Holdings Bhd to China's Zhejiang Geely Holding Group Co Ltd is RM460.3 million.

This was derived based on a cash injection of RM170.3 million by Geely and an implied value of RM290 million for the Boyue model platform.

Boyue, a SUV under the C segment, is one of Geely's best-selling models launched in March 2016. Proton will rebadge, manufacture, sell, market and distribute Geely models in Malaysia and Southeast Asia.

DRB-Hicom and Geely inked a definitive agreement for the partnership here today.

Under the partnership, DRB-Hicom group managing director Datuk Seri Syed Faisal Albar said Proton will become the manufacturing hub for Geely's right-hand drive models.

Meanwhile, Geely chairman Li Shufu said the group's priority is to turnaround both Proton and Lotus.

“The revival of Proton and Lotus will not be an easy task in a market with fierce competition. We'll need to be fully prepared for the long and challenging road ahead,” he noted.

Geely to acquire Malaysia’s Proton, sources say

Proton 4

BEIJING, May 24 — Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, sources said yesterday, beating out rival bidder PSA Group. Zhejiang Geely Holding Group, which controls Hong Kong-based Geely…