Proton achieved a cumulative sales of 154,611 units in 2023, 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 parallel, Proton’s financing arm, Proton Commerce, benefitted from the growth in sales and achieved 27,288 loan disbursements in 2023.
Formed as a joint venture between Proton Edar and CIMB Bank two decades ago, 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. With that, the company aims to reach even higher numbers in 2024 and strives to be the number one financier of Proton vehicles.
Throughout 2023, Proton Commerce extended a total of 27,288 loans to Proton buyers. This set a new high watermark for the highest-ever number of disbursements recorded since the firm’s establishment.
Notably, eight out of twelve months witnessed more than 2,000 disbursements, with March reaching an all-time high of 2,934 loans. This figure was achieved due to the rush to deliver bookings made during the PENJANA incentive period.
Proton Commerce also secured 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% of total loan disbursements were for the Proton Saga.
RELATED: Proton sold 154,611 cars in 2023, up 9.3% from 2022
Proton Commerce Chief Executive Officer, Mooi Fi Phang said, “Looking at the Proton financing business landscape, our annual market share has demonstrated a steady upward trajectory, progressively advancing from 9% in 2018 to an impressive 18% 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.”
Commenting on the achievement, Mooi stated, “The company’s growth momentum was set in 2022 despite the initial challenges faced by Proton in the early part of the year. Proton Commerce demonstrated resilience, staging a recovery to set a new record in disbursements in 2022 and this echoed throughout 2023 with a growth rate of 21%.”
“Proton Commerce aspires to ascend to the position of the foremost Proton financier. In addition to honouring the interest rate offered at the time of approval, we will also offer competitive finance packages for Proton’s newest models such as the X90 and S70 while also reaching out to EV customers who are interested to purchase the smart #1. With our fixed-rate financing, customers can rest assured of consistent monthly payments, providing ease to those awaiting their Proton vehicles and facilitating better budget management”, Mooi added.
RELATED: Proton S70: Over 5,000 bookings received, 109 units registered so far
