GM and Ford aren’t the only two automakers struggling with huge losses this quarter. Malaysian automaker Proton is
reportedly about to announce a second quarter loss of RM700 million (Malaysian Ringgit), or $182US million. The loss
this quarter follows a Q1 loss of RM12.4 million and is mainly due to losses from Italian motorcycle manufacturer MV
Agusta, which is an overseas subsidiary of Proton. To Proton’s credit the company had warned of additional heavy losses
after its Q1 earnings were announced and this quarter’s huge hit is an effort by the company to clean up its books for
an upcoming partnership with a foreign automaker, presumably
Volkswagen, with whom talks have been ongoing for some
time. Ironically the
report from the
Business Times notes that Proton’s unit sales were excellent last quarter.
Proton posts $182US million Q2 loss
GM and Ford aren’t the only two automakers struggling with huge losses this quarter. Malaysian automaker Proton is reportedly about to announce a second quarter loss of RM700 million (Malaysian Ringgit), or $182US million. The loss this quarter follows a Q1 loss of RM12.4 million and is mainly due to losses from Italian motorcycle manufacturer MV Agusta, which is an overseas subsidiary of Proton. To Proton’s credit the company had warned of additional heavy losses after its Q1 earnings were announced and this quarter’s huge hit is an effort by the company to clean up its books for an upcoming partnership with a foreign automaker, presumably Volkswagen, with whom talks have been ongoing for some time. Ironically the report from the Business Times notes that Proton’s unit sales were excellent last quarter.