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PROTON Holdings Berhad

Automotive ManufacturingFounded 1983
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
11 historical events · Editorial analysis

PROTON Company Profile: Revenue, Business Model & Strategy

Research depth: 11 milestones · 10 FAQs

Proton is Malaysia's national carmaker, founded in 1983 and owned 50.1% by DRB-HICOM and 49.9% by Geely. Led by CEO Dr. Li Chunrong, it sold 157,976 vehicles in 2025 for a 19.4% market share and does not publish standalone revenue.

How PROTON makes money: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate…

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (unaudited) (FY2024)$97.5M
CEODr. Li Chunrong
Founded1983
IndustryAutomotive Manufacturing
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Automotive Manufacturing

PROTON Holdings Berhad key figures

PROTON Holdings Berhad had revenue of $97.5M (unaudited) for fiscal year 2024.

Source: Industry estimate · Last reviewed October 2026

Current chief executive
Dr. Li Chunrong
In the role since 2017 (9 years)
Documented transactions
4
Between 1996 and 2024
Founded
1983
43 years ago
Where was PROTON founded?
PROTON was founded in Shah Alam, Selangor, Malaysia in 1983.
When did PROTON start?
PROTON was founded in 1983.
How old is PROTON?
PROTON is 43 years old as of 2026.
In-Depth Analysis
227 words · 2 min read

PROTON Holdings Berhad is Malaysia's national carmaker, founded in 1983 and owned 50.1% by DRB-HICOM and 49.9% by Geely. Led by CEO Dr. Li Chunrong since 2017, Proton sold 157,976 vehicles in 2025 for a 19.4% market share and 141,421 in January-August 2026, up 40.2%.

How does Proton make money?

Proton earns money mainly from selling cars in Malaysia through Proton Edar's 187 outlets and 48 e.MAS EV dealerships. It also earns from parts and service, exports through Proton International Corporation and assembly of Geely models for export. Standalone revenue is not published; results are consolidated by DRB-HICOM.

Who owns Proton?

DRB-HICOM owns 50.1% and Geely owns 49.9%. Geely bought its stake in 2017, five years after DRB-HICOM took Proton private.

Key models

  • Saga: 74,013 units in 2025, its best year since 2011.
  • X50: 28,057 units in 2025, Malaysia's top B-segment SUV for five years.
  • S70, X70, X90: Geely-based sedans and SUVs that lead their segments.
  • e.MAS 5 and e.MAS 7: 27,860 EVs sold in January-August 2026.

Recent developments

In September 2025 Proton opened Malaysia's first dedicated EV assembly plant at Tanjong Malim and ended 40 years of Shah Alam production. In August 2026 it posted its best-ever domestic month, with group sales of 22,632 units.

Competitors

Perodua is Proton's main rival, followed by Toyota, Honda and a growing group of Chinese brands led by BYD.

Table of Contents

PROTON Holdings Berhad Key Facts

CompanyPROTON Holdings Berhad
Financials$97.5M (unaudited) (FY2024, last reviewed October 2026)
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1983
Founder(s)Tun Dr. Mahathir Mohamad
CEODr. Li Chunrong
HeadquartersShah Alam, Selangor, Malaysia
IndustryAutomotive Manufacturing

PROTON Company Profile: Revenue, Business Model & Strategy

"Proton sold 157,976 cars in 2025 and 141,421 in just the first eight months of 2026, taking a 25.6% share of Malaysia's market as Geely-built platforms and e.MAS EVs powered its strongest run in decades."

Why PROTON Holdings Berhad Wins

Proton wins on national-brand loyalty, Geely platforms and powertrains at low development cost, high local content and a nationwide dealer network, which together let it price SUVs and EVs below Japanese and imported rivals.

PROTON Holdings Berhad operates in a competitive market alongside Toyota Motor Corporation, Honda Motor Co., Ltd., BYD Company Ltd, Nissan Motor Co., Ltd.. Analysts frequently compare PROTON Holdings Berhad and Toyota Motor Corporation due to their overlapping products, target markets, and strategic positioning. See full comparison →

Proton is Malaysia's national carmaker, founded in 1983 and owned 50.1% by DRB-HICOM and 49.9% by Geely. Led by CEO Dr. Li Chunrong, it sold 157,976 vehicles in 2025 for a 19.4% market share and does not publish standalone revenue.

Revenue

$97.5M

Founded

1983

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: PROTON Holdings Berhad was established in 1983 and is headquartered in Shah Alam, Selangor, Malaysia.
  • Revenue: PROTON Holdings Berhad had $97.5M (unaudited) in annual revenue (FY2024).
  • Business Model: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia.
  • Competitive Edge: Proton's edge comes from pairing local scale with Geely technology.

How PROTON Makes Money

Capital Allocation & Scaling Mechanics

Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate network of 48 e.MAS dealerships run by subsidiary PRO-NET. Additional income comes from spare parts and after-sales service, exports through Proton International Corporation (set up in July 2025) and contract assembly of Geely models for Geely's export markets. Proton's revenue and profit are reported inside DRB-HICOM's automotive segment and are not disclosed separately.

Explore PROTON Holdings Berhad In Depth

📅PROTON Holdings Berhad History & Milestones💼How PROTON Holdings Berhad Makes Money📊PROTON Holdings Berhad Revenue & Financials⚔️PROTON Holdings Berhad Competitive Strategy & SWOT👤PROTON Holdings Berhad Founders & Origin Story🏆PROTON Holdings Berhad CEO History & Leadership🤝PROTON Holdings Berhad Acquisitions & Deals

What Is PROTON Holdings Berhad's Growth Strategy?

Proton's growth levers are electrification, exports and plant utilisation. It opened Malaysia's first dedicated EV assembly plant at Tanjong Malim in September 2025 (20,000 units a year initially, scalable to 45,000), formed Proton International Corporation in July 2025 to run exports, re-entered Singapore with the e.MAS 7 in 2025 and assembles Geely cars for export, which pushed January-August 2026 exports to 6,059 units, already above the full-year 2025 total.

How Much Revenue Does PROTON Generate?

Proton is privately held, so it does not publish revenue or profit. The best public indicators are volume and share: 150,975 units in 2023, about 153,000 in 2024, 157,976 in 2025 and 141,421 in January-August 2026 (+40.2% year on year). Its results flow into DRB-HICOM's automotive segment; DRB-HICOM as a whole reported FY2025 revenue of about RM17.3 billion, which also includes banking, services, property and other car brands. Management targeted around 200,000 sales for 2026.

Financial MetricEstimated Value
Latest Annual Revenue$97.5M (unaudited) (FY2024)

Historical Revenue Chart

PROTON Holdings Berhad Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2022unaudited$70MN/A
FY2023unaudited$82MN/A
FY2024unaudited$97.5MN/A

The source for each year is listed on the PROTON Holdings Berhad financials page.

Core Strength

More than 40 years as Malaysia's national brand; the Saga alone sold 74,013 units in 2025.

Key Weakness

Perodua holds the #1 volume position in Malaysia through its dominance in ultra-budget mini-cars.

Deep Dive into PROTON Holdings Berhad SWOT Analysis

Who Are PROTON Holdings Berhad's Main Competitors?

PROTON Holdings operates as the legendary, highly politicized national automaker of Malaysia, fiercely battling Perodua for absolute dominance of the domestic market. For decades, Proton was a massive source of national pride, but suffered from terrible build quality, massive inefficiencies, and crippling state protectionism. Facing absolute catastrophic collapse, the Malaysian government allowed the massive Chinese conglomerate Geely to acquire a 49.9% stake in 2017. This executed a massive, transformational pivot. Geely ruthlessly modernized Proton, launching highly successful SUVs (like the X70) which are essentially rebadged, highly advanced Geely vehicles. Proton is now highly profitable and serves as Geely's primary spearhead to conquer the massive right-hand-drive Southeast Asian market.

Top CompetitorsHead-to-Head Analysis
Toyota Motor CorporationCompare vs Toyota Motor Corporation→

What Is PROTON Holdings Berhad's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1983 -

Incorporated on 7 May 1983 by HICOM with Mitsubishi as technology partner.

1988 -

Kenji Iwabuchi became managing director of PROTON Holdings Berhad in 1988. Chief executive of PROTON Holdings Berhad from 1988 to 1993.

2012 -

DRB-HICOM bought Khazanah Nasional's stake and delisted Proton.

2018 -

The first Geely-based Proton SUV started the brand's sales recovery.

2025 -

Malaysia's first dedicated EV assembly plant opened in September 2025 and Shah Alam production ended on 30 September.

2025 -

Abdul Rashid Musa became CEO of PROTON Holdings Berhad in 2025. Rejoined Proton as Deputy CEO from 1 November 2025, reporting to Dr.

2026 -

August 2026 group sales reached 22,632 units, lifting January-August sales to 141,421 (+40.2%).

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Proton's biggest risk is concentration in one mid-sized market: most sales are in Malaysia, so policy changes, a weaker ringgit or aggressive Chinese EV pricing could quickly hit volume.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did PROTON Start and Grow?

Established

1983

Fiscal Revenue (unaudited) (FY2024)

$97.5M

HQ Location

Shah Alam, Selangor, Malaysia

Key Turning Point

: The Strategic Shift That Created a Behemoth

Pivoted from an isolated domestic automaker to partnering with Geely for platform sharing and global smart manufacturing.

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Explore PROTON In Depth

Detailed research across every dimension of PROTON — history, financials, leadership, and strategy.

Company History

Proton is the carmaker Malaysia built to industrialise. After years of losses and shrinking share in the 2010s, the 2017 sale of a 49.9% stake to Geely gave it modern platforms, and SUVs such as the X70 and X50 restored…

Full PROTON history →

Revenue & Financials

PROTON had $97.5M (unaudited) in revenue for fiscal year 2024. Data covers 3 fiscal years.

PROTON financials →

Founders

PROTON was founded by Tun Dr. Mahathir Mohamad in 1983. Explore each founder's background, motivations, and their role in building the company.

PROTON founders →

CEO & Leadership

PROTON is currently led by Dr. Li Chunrong. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

PROTON CEO history →

Business Model

Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate…

How PROTON makes money →

Acquisitions

PROTON has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

PROTON acquisitions →

Competitive Strategy

Proton's growth levers are electrification, exports and plant utilisation. It opened Malaysia's first dedicated EV assembly plant at Tanjong Malim in September 2025 (20,000 units a year initially, scalable to 45,000),…

PROTON strategy →

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CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About PROTON

Who owns Proton?

Proton is owned 50.1% by DRB-HICOM Berhad and 49.9% by Geely. Geely bought its stake from DRB-HICOM in 2017.

Who is the CEO of Proton?

Dr. Li Chunrong has been CEO since October 2017. Dato' Ir. Abdul Rashid Musa became Deputy CEO on 1 November 2025.

How does Proton make money?

Mainly by selling cars in Malaysia through Proton Edar and the e.MAS EV network, plus parts and service, exports and assembly of Geely models for export. It does not publish standalone revenue.

How many cars did Proton sell in 2025?

Proton sold 157,976 vehicles in 2025, up 3.3% from 2024, for an estimated 19.4% share of Malaysia's market. In January-August 2026 it sold 141,421, up 40.2%.

Who are Proton's competitors?

Perodua is its main rival in Malaysia. Others include Toyota, Honda, Nissan and Mitsubishi, plus Chinese brands such as BYD and Chery, especially in EVs.

Where are Proton cars made?

At Tanjong Malim, Perak. Proton ended production in Shah Alam on 30 September 2025, and Malaysia's first dedicated EV assembly plant opened at Tanjong Malim that month.

What is Proton e.MAS?

e.MAS is Proton's electric-vehicle brand, run by subsidiary PRO-NET. Its e.MAS 5, e.MAS 7 and e.MAS 7 PHEV sold 27,860 units in January-August 2026.

Does Proton still own Lotus?

No. Proton bought control of Lotus in 1996 and sold it in 2017 to Geely (51%) and Etika Automotive (49%).

Is Proton Mail actually secure?

Yes, Proton Mail uses end-to-end encryption (E2EE), meaning that even Proton itself physically cannot decrypt and read the contents of your emails.

Who founded Proton?

Proton was founded in 2014 by a team of scientists (including Andy Yen, Jason Stockman, and Wei Sun) who met while working at the CERN research facility in Switzerland.

Analysis: How PROTON Holdings Berhad Makes Money

Deep dive into the PROTON Holdings Berhad business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

PROTON Holdings Berhad vs Toyota Motor Corporation

Compare

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

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Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

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Sources & References

The data and narrative synthesized in this intelligence report were verified against primary sources:

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.