2009 Annual Report - ChartNexus

Chairman’s Statement
52
For small global players like PROTON, this is a window of opportunity for us to close the gap
on the global giants, as no one has the clear advantage. OEMs with heavy investment in
conventional internal combustion engines see the electric technology as a threat, whereas
small players can seize this opportunity to catapult into the global arena. In view of this,
PROTON has taken the first step by entering into a strategic relationship with Hong Kongbased
Detroit Electric Holdings Ltd for the licensing and provision of our products and
manufacturing services with the objective of mass producing PEVs for the United States
and European Union markets.
PROTON entered into a strategic partnership with Detroit Electric to manufacture
pure electric vehicles.
Prospects
As we enter 2009, the global automotive industry is facing one of its stiffest challenges
ever in history. The denominators for most of the OEMs in the world today are declining
sales, tighter credit, increased global competition, higher cost of raw materials, and until
recently, rising petrol prices, and growing consumer demand for more fuel-efficient vehicles
are driving a transformation of the industry across its entire value chain.