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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Malaysia's Proton says Volkswagen ditches tie-up talks AFP - Tuesday, June 8 Send IM Story Print Malaysia's Proton says Volkswagen ditches tie-up talks Slideshow: Full Photo Coverage: Business & Economy KUALA LUMPUR (AFP) - – Malaysian carmaker Proton said Monday that Europe's biggest automaker Volkswagen has scrapped alliance talks, a move expected to dent its attempts to conquer export markets. Announcing the failure of the new round of talks, state-controlled Proton said Volkswagen would have been an "interesting" partner. "During preliminary talks between the parties, Volkswagen confirmed that it currently has other priorities and that a potential collaboration with Proton could not be pursued," it said in a statement. In 2007, the two companies were close to a possible tie-up, but talks were brought to a sudden close in November 2007 when the Malaysian government said it was no longer seeking a foreign partner. Proton has been searching for a collaborator in a bid to penetrate foreign markets and develop attractive models to compete with growing competition from Japanese, European and Korean carmakers in its domestic market. Ahmad Maghfur Usman, an auto analyst with OSK Research, said that without a strategic partner Proton will find it difficult to find success in export markets and will continue to depend heavily on the domestic arena. "Proton will be able to survive even if they do not find a partner by selling in the domestic market, but margins will be low and it could slip further behind their competitors like Hyundai," he told AFP. Ahmad said Proton's total production for its March 2010 financial year was 184,000 units, with 86 percent sold in Malaysia, while its plant utilisation was only 50-60 percent. "A strategic alliance will allow Proton to optimise its low plant utilisation," he said. Proton was formed in 1983 by then-premier Mahathir Mohamad as part of an ambitious national industrialisation plan. But it has suffered from a reputation for unimaginative models and poor quality. Proton's net profit for the three months to the end of March stood at 22.8 million ringgit (6.87 million dollars), compared to a loss of 323 million ringgit in the same period a year ago. Recommend Send IM Story Print Related Articles Airlines to return to profit this year: IATA AFP - 2 hours 40 minutes ago Renault, Nissan eye Ssangyong takeover AFP - Tuesday, June 8 Malaysia calls for measures to halt oil price fixing AFP - Tuesday, June 8 India's Reliance telecom in talks for stake sale: source AFP - Tuesday, June 8 Asian stocks tumble on US jobs data, Hungary fears AFP - Tuesday, June 8 News Search Top Stories Stocks drop on Hungary, US fears Allen in shooting flurry as Celtics even the score Stampede unrelated to World Cup organisation: FIFA As record sales drop, singers flock to festivals US dollar flexes muscle as crisis stalks markets More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US dollar flexes muscle as crisis stalks markets UN warns climate change could trigger 'mega-disasters' Not forgotten: Remains of US soldier sought on Vietnam hill As record sales drop, singers flock to festivals New world record for longest poker game More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture US team creates first 'synthetic life' Paris museum burglar grabs 120-million-dollar art haul Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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