In 2023, Proton and its affiliated entities experienced a remarkable year of success, marking a fifth consecutive year of expansion. Cumulative sales reached an impressive 154,611 units, the highest since 2012, solidifying Proton’s position as the second-highest performer in the national automotive sales rankings. Meanwhile, Proton Commerce Sdn. Bhd. (Proton Commerce), the financing arm of Proton, achieved record-breaking loan disbursements, reflecting the overall growth in sales.
A collaboration between Proton Edar and CIMB Bank, Proton Commerce played a pivotal role in providing financing solutions for Proton buyers, mirroring the upward trajectory of Proton’s sales over the past five years. As the company sets its sights on 2024, the goal is to become the leading financier of Proton vehicles.
In 2023, Proton Commerce disbursed a record number of loans, reaching 27,288, with eight out of twelve months witnessing more than 2,000 disbursements. Notably, March saw an all-time high of 2,934 disbursements, attributed to the rush to deliver bookings made during the PENJANA incentive period.
Mooi Fi Phang, CEO of Proton Commerce, highlighted the company’s steady market share growth, reaching an impressive 18% by the end of 2023, up from 9% in 2018. Proton Commerce secured its status as the lead financier for the Proton Saga, the best-selling model in the Proton lineup, with 61% of total loan disbursements in 2023 directed towards this model.
Despite initial challenges faced by Proton in 2022, Proton Commerce demonstrated resilience and set a new record in loan disbursements, continuing its growth momentum with a 21% increase in 2023. As Proton Commerce celebrates its 20th Anniversary in 2024, strategic plans are in place to elevate the business, leveraging the sustained popularity of existing Proton models and anticipating increased demand for the new Proton S70.
Mooi Fi Phang expressed the company’s aspirations to become the foremost Proton financier. In addition to honoring interest rates offered at the time of approval, Proton Commerce plans to provide competitive finance packages for new Proton models such as the X90 and S70. The company also aims to reach out to electric vehicle (EV) customers interested in purchasing the smart #1, offering fixed-rate financing to ensure consistent monthly payments and facilitating better budget management for customers eagerly awaiting their Proton vehicles.
