This financing deal from CIMB will be used to further the import and distribution of smart locally.
Proton New Energy Technology Sdn Bhd (PRO-NET) has recently announced that it has obtained RM200 million in financing from CIMB Bank Berhad for the funding of its green mobility initiative and the import and distribution of the smart brand in Malaysia. This move likely comes in the face for the need of the fledgling EV marque to redouble its efforts locally, in order to better fight off the rather large selection of attractive alternatives that have landed in just the past couple of months.
PRO-NET is currently the exclusive authorised importer and distributor for smart EVs in Malaysia and Thailand. The company is also charged with fulfilling national carmaker Proton’s commitment to its electric vehicle agenda and is set to play a pivotal role as it leads the transition towards the production of New Energy Vehicles (NEV) and the development of the Automotive High Tech Valley (AHTV) in Tanjong Malim.
Roslan Abdullah, Board Member of PRO-NET said, “CIMB’s recognition of market opportunities and their proactive approach to support our expansion initiatives exemplify the kind of partnership we value at PRO-NET. We express our gratitude to CIMB for the opportunities afforded to PRO-NET and PROTON in expanding our offerings and providing a diverse selection of EV models to meet the evolving needs of our customers. This not only accelerates our growth but also reinforces customer confidence and facilitates the transition toward increased adoption of electric vehicles.”
“We will utilise this financing to enhance our digital ecosystem and supply chain in EV infrastructure and expand our network for a seamless retail experience. This will facilitate the rising demand for electric vehicles, aligning with Malaysia’s carbon neutrality objective,” Roslan further added.
Novan Amirudin, Co-CEO of Group Wholesale Banking, CIMB Group meanwhile stated, “We are honoured to support PRO-NET in advancing its green mobility initiative. The transaction underscores CIMB’s commitment in supporting clients across diverse industries to advance their ESG agendas and fostering positive impacts through sustainable finance solutions. This aligns with CIMB Group’s ambition to become a leading focused ASEAN bank and sustainability leader in the region, as outlined in our Forward23+ strategic plan.”
CIMB provides an array of solutions for the consumer EV segment with the introduction of its comprehensive suite of EV financial solutions to drive the adoption of EVs and support the shift towards sustainable mobility across ASEAN. These include preferential auto financing rates, insurance protection and a range of other exclusive privileges, facilitating consumer needs across every aspect of owning an EV. As a purpose-driven financial intermediary, CIMB Group is continuously stepping up on sustainability innovation to achieve its sustainable finance target of RM100 billion by 2024 under the Group’s Green, Social, Sustainable Impact Products and Services (“GSSIPS”) Framework.
The #1 is the first and currently only model of smart sold in Malaysia. Built on Geely’s Sustainable Electric Architecture (SEA) and styled by Mercedes-Benz, this premium all-electric crossover is available locally from a Tesla Model 3-rivalling RM 189,000.
With a comprehensive ecosystem spanning 13 dealer locations, aftersales services, as well as a user-friendly digital app known as ‘Hello smart’ to provide access to over 70% of the public charging network, PRO-NET offers a holistic electric mobility solution together with the reassurance of a robust customer service plan.
