Published on January 29th, 2024 | by Sounder Rajen0
Proton Commerce Has High Hopes For 2024 After Record-Setting 2023
2023 saw Proton Commerce profits shoot to unprecedented levels
2023 marked a triumphant year for national car manufacturer Proton, and its affiliated entities. Experiencing a fifth consecutive year of expansion, cumulative sales soared to an impressive 154,611 units, marking the company’s highest sales figure since 2012 and retaining its position as the second-highest performer in the national automotive sales rankings.
In the same spirit, Proton Commerce Sdn. Bhd. (Proton Commerce), the financing arm of Proton, benefitted from the growth in sales and achieved a record number of loan disbursements. This leaves the whole company very hopeful for even greater success this year and we hope the brand does achieve this.
A collaboration between Proton Edar and CIMB Bank, Proton Commerce provides financing solutions for Proton buyers and the company’s performance mirrors the upward trajectory of Proton’s sales over the past five years.
Moreover, Proton Commerce aims to reach even higher in 2024 as it strives to be the number one financier of Proton vehicles. Loan disbursements grEow as Proton Commerce secured Lead Financier Position for Proton Saga Throughout 2023, Proton Commerce extended a total of 27,288 loans to Proton buyers.
This ended up setting a new high watermark for the highest ever number of disbursements recorded since its establishment. Notably, eight out of twelve months witnessed more than 2,000 disbursements, with March reaching an all-time high of 2,934, a figure achieved due to the rush to deliver Proton bookings made during the PENJANA incentive period.
Mooi Fi Phang, CEO of Proton Commerce also stated, “Looking at the Proton financing business landscape, our annual market share has demonstrated a steady upward trajectory, progressively advancing from 9 percent in 2018 to an impressive 18 percent by the end of 2023, marking the highest market share we have achieved thus far.”
“In January and March 2023, our market position was noteworthy, positioning ourselves as the second-largest entity in terms of market share during this period.” He added.
On top of that, a notable accolade for Proton Commerce in the past year was securing its status as the lead financier for the Proton Saga, the best-selling model in the Proton lineup. Since Q4 2021, the company has consistently held the leadership position for the model, and in 2023, 61 percent of total loan disbursements were for the Proton Saga.
As 2024 marks Proton Commerce’s 20th Anniversary, the company has lined-up strategic plans to up-lift its business to greater heights by leveraging on the sustained popularity of the existing Proton model range as well as the expected surge in demand for the new Proton S70.