The chances of Volkswagen taking a stake in Malaysian car maker Proton Holdings are unlikely, according to reports.
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Proton will now talk to other parties about a tie-up, Malaysia’s prime minister was quoted as saying on Thursday.
Reuters noted that the government had said early this year it was talking to several car makers, including Volkswagen and General Motors, about a possible partnership with Proton but missed an end-March deadline to announce a deal.
“I have decided, since Volkswagen is not interested in the proposal that Proton wants in terms of equity, Proton needs to talk to other people,” Abdullah was quoted as saying by state-run Bernama news agency, according to the report.
Abdullah reportedly said Proton had to improve its performance after reporting a fourth straight quarterly loss on Thursday as sales continued to slide.
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By GlobalData“They have to turn around. They cannot be going on making losses,” he was quoted as saying.
Asked whether Proton would need top management changes, Abdullah reportedly said: “They have to do whatever they think is necessary.”
