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Geely, Proton venture

Zhejiang Geely Holding Group and Malaysian car manufacturer Proton on Saturday agreed to establish a 50-50 joint venture to deepen their cooperation in new-energy vehicles and promote Proton cars in the global market.

The new company will have a comprehensive system for motor vehicle development, acquisition and production.

Details of the agreement, such as market development plans, car models and plant locations, still need further negotiation.

While Geely is willing to help Proton with innovation and market expansion, it is also expecting to tap the Southeast Asian market through this cooperation, according to Yang Xueliang, spokesperson for Geely.

Last year, Geely acquired 49.9 percent of Proton from Malaysia’s leading conglomerate DRB-HICOM, which owned 100 percent of Proton.

Inspur to expand in US

China’s major service provider of cloud computing Inspur said it will invest $6 million to set up a US asset management company in California to speed up its overseas expansion of server businesses.

The move is expected to help Inspur tap the US market, with a localization marketing strategy and local production, as well as elevate its influence on the global stage, said a filing the company sent to the Shenzhen Stock Exchange.