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Malaysia's Proton changes rules of the game to gear for AFTA battle.
(From Agence France Presse)
National carmaker Proton is gearing up for greater foreign competition as motoring-crazy Malaysia prepares to slash tariffs on car imports by 2005 under a regional free trade area.
Protected since 1985 by high tariffs and other advantages, Proton is hoping a major restructuring unveiled last week will enable it to face off Japanese, American and European rivals that are already biting into its 60 percent share of the domestic market.
Last year, car sales by state-controlled Perusahaan Otomobil Nasional fell 10 percent year-on-year to 239,783 units and slid another 16 percent in the four months to April.
Sales are set to suffer further when the market is liberalised in January 2005 under the Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA), putting cheaper foreign cars on Malaysia's roads.
Tariffs on imported cars in Southeast Asia fell below 5 percent in January under AFTA but Malaysia has obtained a reprieve for its auto industry until 2005.
Malaysia is the biggest car market in the region with a 34 percent share, despite having just one-tenth of Indonesia's population, and Malaysians are mad about motoring.
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