PROTON vs Suzuki: Revenue, Profit and Business Model
PROTON had $97.5M (unaudited) of annual revenue in FY2024. Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income.
Latest financial snapshot
Financial summary
PROTON
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.
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
Revenue and profit by year
PROTON
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 (unaudited) | $97.5M | — | — | — | Source |
| FY2023 (unaudited) | $82M | — | — | — | Source |
| FY2022 (unaudited) | $70M | — | — | — | Source |
Where the revenue comes from
PROTON
- Domestic vehicle sales (Proton Edar)
Not disclosed
Saga, S70, X50, X70 and X90 sales through 187 outlets in Malaysia.
- e.MAS electric vehicles (PRO-NET)
Not disclosed
EV and PHEV sales through 48 dedicated e.MAS dealerships.
- Exports and Geely contract assembly
Not disclosed
Exports via Proton International Corporation, plus Geely models built at Tanjong Malim for export.
- Parts and after-sales service
Not disclosed
Genuine parts, servicing and warranty work for the Proton car parc.
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
Business model and strategy
PROTON
How it 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 network of 48 e.MAS dealerships run by subsidiary PRO-NET.
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…
Competitive advantage
Proton's edge comes from pairing local scale with Geely technology. It licenses proven Geely platforms, engines and software, which cut development cost and time, while keeping national-car brand loyalty, high local content (RM3.2 billion of parts bought from Malaysian suppliers in 2025) and the country's second-largest dealer network.
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
Questions about PROTON vs Suzuki
Which company has higher revenue — PROTON Holdings Berhad or Suzuki Motor Corporation?
PROTON Holdings Berhad had $97.5M (unaudited) (FY2024), while Suzuki Motor Corporation had ~$42.2B (FY2026). By latest annual revenue, Suzuki Motor Corporation is the larger business, with PROTON Holdings Berhad showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of PROTON Holdings Berhad vs Suzuki Motor Corporation?
Suzuki Motor Corporation has a market capitalisation of $26.0B. A public market cap figure for PROTON Holdings Berhad was not available (it may be privately held).
How does revenue per employee compare for PROTON Holdings Berhad and Suzuki Motor Corporation?
Suzuki Motor Corporation generates $602k / employee in revenue per employee. A comparable figure for PROTON Holdings Berhad requires matching employee and revenue data from the same reporting period.
How do PROTON Holdings Berhad and Suzuki Motor Corporation make money?
PROTON Holdings Berhad and Suzuki Motor Corporation generate revenue in fundamentally different ways. PROTON Holdings Berhad: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model.
Is PROTON Holdings Berhad bigger than Suzuki Motor Corporation?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (FY2026)) is the larger company compared to PROTON Holdings Berhad ($97.5M (unaudited) (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the PROTON vs Suzuki overview