acrj
This case was prepared by
Jane Terpstra Tong, Robert
H. Terpstra of Monash
University Sunway Campus,
Malaysia and Lim Ngat Chin
of The Nottingham University of Malaysia Campus as
a basis for classroom discussion rather than to illustrate
either effective or ineffective
handling of an administrative
or business situation.
Please send all correspondence to Jane Terpstra Tong,
Department of Management,
Monash University Sunway Campus, Jalan Lagoon
Selatan, Bandar Sunway,
46150 Selangor Darul Ehsan,
Malaysia. E-mail: jane.tong@
monash.edu
S0218927512500150.indd 347
DOI: 10.1142/S0218927512500150
1/21/2013 3:07:40 PM
348 ACRJ
Malaysias Profile
Malaysia is a small country that has been independent from
British rule for around 50 years. It has a land size of about
330 thousand square kilometres, equivalent to the size of
Norway, Vietnam, or the state of New Mexico in the USA.
It is only a quarter of the size of its northern neighbour,
Thailand. About half of its land mass lies on the Malay
Peninsula and the other half on the island of Borneo, across
the South China Sea. It is a middle-income country with a
GDP per capita of US$7,775 in 2010, but a per capita GDP
of US$14,800 on a PPP basis. It has a very young population
of around 28 million, with a median age of 25. In terms of
religion, Malaysia is considered a moderate Islamic country
that allows other religions to be practised. Over 60% of
Malaysians are Muslims, about 19% Buddhists, 9% Christians,
and 6% Hindus. Politically, Malaysia adopts a federal parliamentary democracy together with a constitutional monarchy.
A sultan, equivalent to the local king, acts as the chief of all
3Ministry
S0218927512500150.indd 348
1/18/2013 3:36:52 PM
S0218927512500150.indd 349
1/18/2013 3:36:52 PM
350 ACRJ
S0218927512500150.indd 350
1/21/2013 3:09:23 PM
his 22-year reign from 1981 to 2003, he had a very handson role in Protons operations. His involvement included
selecting joint venture partners, hiring and firing members
of the board, and deciding strategic directions. At the time
of writing, Mahathir still served as an advisor to the board of
Proton and continued to have a substantial influence on the
companys strategy8. The National Car Project was one of
several mega-projects implemented by the Mahathir government in an effort to jump-start the industrialisation of
Malaysia. In addition to manufacturing automobiles, the
government also invested in other heavy industries, such as
steel plants, cement factories and oil refineries. Together,
these projects were part of the Industrial Master Plan
that aimed to facilitate Malaysias leap into the league of
industrialised nations.
In addition to the National Car Project, there were
other push and pull factors that fuelled the demand for
automobiles. The first was a heavily subsidised gasoline
supply. Malaysia was a significant net oil exporter and
had the third largest oil reserves in the Asia-Pacific region
after China and India9. This natural endowment allowed
the government to subsidise Malaysians consumption of
gasoline10, which made it possible for low-income citizens
to own and operate a vehicle. The government subsidy on
gasoline varied between 20 and 30 Malaysian sen (about
710 US cents) per litre, or about 1015% of the retail price11.
Another factor was the decision, perhaps implicit, to permit
sporadic rather than concentrated urban planning, which
meant long driving distances between city centres that were
not connected by a mass public transportation system. The
countrys light rail transit (LRT) system was only available in
the Klang Valley, also known as the greater Kuala Lumpur
area. Third, the government made it easy and cheap to
8See Karim, F.N. (2006, April 8). Strategic alliance must benefit industry: Dr. M.
Business Times. Kuala Lumpur, p. 44.
9http://www.eia.doe.gov/cabs/Malaysia/Full.html
10Ramasamy, M. (2010, March 4). Malaysia delays plan for new gasoline subsidy
system (update 1). Bloomberg Business Week. Retrieved May 11, 2010 from http://
www.businessweek.com/news/2010-03-04/malaysia-delays-plan-for-new-gasolinesubsidy-system-update1-.html
11Teh, E.H. (2010, May 25). Subsidy cuts to boost economy. The Star, N17.
S0218927512500150.indd 351
1/18/2013 3:36:52 PM
352 ACRJ
Key Stakeholders
The development of Malaysias automotive sector was led
by five major groups of stakeholders. The first key group
was the parts and components manufacturers, with about
350 companies making parts and components for vehicles
and about 120 for motorcycles12. The development of the
component industry was an intended by-product of the
national car project. In 2008, the total sales of this industry
amounted to MYR6.37 billion (or USD1.84 billion)13. The
output from this group was important to the industry as
it provided supplies to two other stakeholder groups in
the value chain, namely, the auto manufacturers and the
assemblers. The proportion of locally produced parts in
the national-brand cars varied from 60 to 90%, whereas for
domestically assembled foreign cars the proportion was
between 40 and 60%. The second stakeholder group consisted
of Motosikal dan Enjin Nasional Sdn Bhd (MODENAS),
12The
S0218927512500150.indd 352
1/18/2013 3:36:52 PM
S0218927512500150.indd 353
1/18/2013 3:36:52 PM
354 ACRJ
S0218927512500150.indd 354
1/18/2013 3:36:52 PM
S0218927512500150.indd 355
1/18/2013 3:36:52 PM
356 ACRJ
20Othman, A.F. (2010, June 17). Free AP for genuine motor traders Dr. Mahathir.
Business Times. Retrieved April 1, 2011 from http://www.btimes.com.my/Current_
News/BTIMES/articles/mahaafp/Article.
21Ministry of International Trade and Industry (28 October 2009). Media Release:
Review of National Automotive Policy.
S0218927512500150.indd 356
1/21/2013 3:10:23 PM
S0218927512500150.indd 357
1/18/2013 3:36:52 PM
358 ACRJ
S0218927512500150.indd 358
1/18/2013 3:36:52 PM
25Ellis,
ibid.
P. (2008, July 15). Protons vendor network needs discussion. Retrieved
April 2, 2011 from http://www.btimes.com.my/Current_News/BTIMES/articles/
mahaafp/Article.
27The comparison of quality of Proton and Perodua was widely discussed in local
motor blogs. See http://www.motortrader.com.my/forums/topic.asp?TOPIC_ID=587
and http://forum.lowyat.net/topic/1076443 (Retrieved 2010, May 21).
28Anonymous (2007, Nov. 17). Business: Lost compass Proton. The Economist, p. 79.
26Tan,
S0218927512500150.indd 359
1/21/2013 3:10:57 PM
360 ACRJ
S. (2011, January 24). Lotus limbers for lift-off. Business Times. Retrieved
April 2, 2011 from http://www.btimes.com.my/articles/lot23f/Article/
30Official website of Perodua, www.umw.com.my
S0218927512500150.indd 360
1/18/2013 3:36:52 PM
31Total passenger vehicle sales in 1995 were 229,626, of which Proton sold 140,647
and Perodua sold 39,906. Mahidin, M.U. and Kanageswary, R. (2004). The development
of the automotive industry and the road ahead. Department of Statistics Malaysia,
p. 13.
32Company website.
33Yunos, S. (2009, Nov. 13). RM5,000 rebate stopped. Malay Mail. Retrieved May 10,
2010, from http://www.mmail.com.my/content/18800-rm5,000-rebate-stopped
S0218927512500150.indd 361
1/21/2013 3:11:41 PM
362 ACRJ
34Agreement
S0218927512500150.indd 362
1/18/2013 3:36:52 PM
S0218927512500150.indd 363
1/18/2013 3:36:52 PM
364 ACRJ
35Japanese
S0218927512500150.indd 364
1/18/2013 3:36:52 PM
39Tan,
S0218927512500150.indd 365
1/18/2013 3:36:52 PM
366 ACRJ
41Ellis,
S0218927512500150.indd 366
ibid.
1/18/2013 3:36:52 PM
1
Exhibit 1: Market share of ProtonExhibit
and Perodua
in Malaysia (%) 19952010
Market Share of Proton and Perodua in Malaysia (%) 19952010
Market share %
60
50
40
PROTON
30
PERODUA
20
10
0
Year
Source: Malaysian Automotive Association (MAA); Business Monitor International. Malaysia Autos Report, various issues.
23
S0218927512500150.indd 367
1/18/2013 3:36:53 PM
S0218927512500150.indd 368
Proton
1.10
1.41
4.11%
6.70
Total Asset
Turnover
Equity
Multiplier**
Return on Equity
Inventory
Turnover
5.11
3.40%
1.35
0.77
3.28%
$1,671
2008
3.68
12.18%
1.37
0.67
12.19%
$1,304
2007
9.17
6.20%
2.69
0.74
3.13%
$92,210
2010
8.05
3.42%
2.95
0.85
1.37%
$99,833
2008
9.37
13.21%
2.69
0.92
5.34%
$93,919
2007
10.04
13.20%
2.78
0.95
5.00%
$120,028
Honda*
2009
Source:
Authors
based
on company
reports
and Compustat
Source:
Authors computation
computation based
on company
annualannual
reports and
Compustat
Database Database.
4.67
5.97%
1.40
0.92
4.63%
2.66%
Net Margin
2009
$1,901
2010
$2,571#
Total Sales
(US$ million)
Year
10.60
2.05%
2.93
0.64
$200,406
##
1.11%
2010
10.33
4.34%
2.89
0.67
2.13%
$208,995
2009
2008
11.04
14.47%
2.73
0.81
6.53%
$262,394
Toyota*
10.42
13.89%
2.75
0.78
6.87%
$202,864
2007
ComparisonExhibit
of Key2:Financial
and
Ratios
and
Proton
and
otherand
Leading
AsianAsian
Automobile
in 20072010
ComparisonData
of Key
Financial
Data
Ratios
- Proton
other Leading
AutomobileManufacturers
Manufacturers in 2007-2010
Exhibit 2
24
368 ACRJ
1/18/2013 3:36:53 PM
Exhibit 3
ExhibitFinancial
3 SelectedData
financial
Data and
Ratios ofHoldings
Proton Holdings
for theYears
fiscal years
2006
Selected
and Ratios
of Proton
Berhad Berhad
for the Fiscal
2006 to
2010
March 31st.
Money
amounts
are
expressed
in
MYR
'000)
to 2010 (Ending(Ending
March 31st. Money amounts are expressed in MYR 000)
Data/Ratio
Revenues
EBIT
EBIT/Revenues
Net income
Net income/Revenue
Total assets
Total assets turnover (times)
Current assets
Fixed assets
Fixed asset turnover
Cash & equivalenta
Tax recoverable
Trade, div. & other receivables; dues
from subsidiaries, asso. companies &
jointly controlled cos.
Average collection period (days)
Inventory, net
Inventory turnover (times)
Current liabilities
Current ratio (times)
A/P & other dues to subsidiaries, asso.
Cos. & jointly controlled cos. As a % of
current liabilities
Short term borrowings
Total debt to total assets
Equity multiplier (times)
Return on equity (ROE)
Return on assets (ROA)
NOPAT (net operating profit after tax)b
Operating assetsc
NOPAT/Operating assets
Expenditure for fixed assets, intangible
assets and other long term assetsd
EPS (MYR)
Shares outstanding (thousands)
% of shares owned by top two
shareholders
Dividend per share (MYR)
(Dividend) Payout ratio
Stock price on March 31st (MYR)e
KLSE Index on March 31st
Book value of equity per share (MYR)
2010
2009
2008
2007
2006
8,226,859
272,946
3.32%
218,932
2.66%
7,505,152
1.10
3,880,614
3,587,607
2.29
1,661,765
25,301
966,336
6,518,754
(304,792)
-4.68%
(301,806)
-4.63%
7,098,898
0.92
3,404,586
3,657,900
1.78
929,163
160,610
919,732
5,621,594
162,252
2.89%
184,551
3.28%
7,293,348
0.77
3,446,084
3,847,264
1.46
1,246,832
114,479
984,487
4,687,330
(582,588)
-12.43%
(618,129)
-13.19%
6,946,767
0.67
3,165,540
3,781,227
1.24
699,923
176,048
1,015,957
7,796,932
61,863
0.79%
46,394
0.60%
8,312,775
0.94
4,430,973
3,881,802
2.01
1,797,947
51,491
1,192,530
43
1,227,212
6.70
2,072,773
1.87
83.66%
51
1,395,081
4.67
1,883,599
1.81
73.34%
64
1,100,286
5.11
1,639,180
2.10
92.97%
79
1,273,612
3.68
1,533,788
2.06
99.36%
56
1,389,005
5.61
2,341,063
1.89
55.63%
142,236
28.94%
1.41
4.11%
2.92%
296,137
2,624,418
11.28%
417,037
306,039
28.75%
1.40
-5.97%
-4.25%
(357,002)
2,827,111
-12.63%
700,413
113,606
25.67%
1.35
3.40%
2.53%
101,046
3,174,477
3.18%
565,824
164,426
26.95%
1.37
-12.18%
-8.90%
(559,016)
3,179,439
na
499,358
804,766
22.52%
1.29
0.72%
0.56%
33,026
3,312,947
1.00%
478,451
0.40
549,213
(0.55)
549,213
0.336
549,213
(1.073)
549,213
0.085
549,213
53.46
0.20
50.00%
4.71
1,336
9.70
58.64
0.05
na
1.58
907
9.30
56.27
0
na
3.86
1,222
9.90
50.63
0.05
na
6.65
1,247
9.50
49.25
0.10
117.65%
5.70
927
10.70
Notes:
a. current investment & bank deposits.
Notes:
b. NOPAT = profit/loss before finance cost - tax.
a.
current investment
bank deposits
c. Operating
assets =&
property,
plant & equipment & prepaid land lease payments.
NOPAT
profit/loss
cost - tax
d.b.As
shown= in
the cashbefore
flow finance
statement.
c. Operating assets = property, plant & equipment & prepaid land lease payments
e. Proton share prices are adjusted for capitalization changes.
d. As shown in the cash flow statement.
e. Proton share prices are adjusted for capitalization changes
S0218927512500150.indd 369
1/18/2013 3:36:53 PM
S0218927512500150.indd 370
224,991
275,615
307,907
137,691
239,647
282,103
327,447
359,934
320,524
380,568
416,692
446,172
442,885
497,459
486,342
543,394
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Sales (units)
Total
44 vehicles
commercial
vehicles
47,235
13,566
69,444
19,729
70,334
26,596
17,641
8,519
26,171
22,729
33,732
27,338
37,623
31,311
42,727
32,293
50,882
34,339
70,948
36,089
97,820
37,804
44,596
33,559
44,291
50,656
50,563
61,562
285,792
364,788
404,837
163,851
288,547
343,173
396,381
434,954
405,745
487,605
552,316
490,768
487,176
548,115
536,905
605,156
Total vehicles
sales
231,280
280,222
337,717
143,756
257,607
295,318
355,863
380,050
327,450
364,852
422,225
377,952
403,245
484,512
447,002
522,568
Total passenger
vehicles
Production (units)
Total
44 vehicles
commercial
vehicles
45,805
11,253
65,751
19,148
77,784
23,192
10,337
7,363
25,898
20,474
37,552
27,235
40,916
31,922
44,046
32,727
65,554
33,642
75,384
31,739
95,662
45,623
96,545
28,551
38,433
46,298
42,267
45,147
-
288,338
260,970
407,347
161,456
303,979
360,105
428,701
456,822
426,646
471,975
563,510
503,048
441,678
530,810
489,269
567,715
Total vehicles
production
26
Note:
Notes:
1. The passenger vehicle industry was reclassified in January 2007 and includes all passenger carrying vehicles, i.e., passenger cars, 4WD/SUVs, window vans and MPV models
1. The
passenger vehicle industry was reclassified in January 2007 and includes all passenger carrying vehicles, i.e., passenger cars, 4WD/SUVs, window
2. Commercial vehicles were also reclassified on 1 January 2007 and includes all trucks, prime movers, pick-ups, panel vans, buses and others
vans and MPV models.
2. Commercial vehicles were also reclassified on 1 January 2007 and includes all trucks, prime movers, pick-ups, panel vans, buses and others.
Source:
Automotive
Association
(MAA).
Retrieved
April
1, 2011 from http://www.maa.org.my/info_summary.htm;
Business
Monitor
Source: Malaysian
Malaysian Automotive
Association
(MAA). Retrieved
April
1, 2011 from
http://www.maa.org.my/info_summary.htm;
Business Monitor International. Malaysia
Autos Report.
Q4, International.
2009
and Q1, 2010.
Malaysia
Autos Report. Q4, 2009 and Q1, 2010.
Total passenger
vehicles
Year
Sales
and4:Production
of Motor
Vehicles
inMalaysia
Malaysia
(units)
19952010
Exhibit
Sales and Production
of Motor
Vehicles in
(units)
1995-2010
Exhibit 4
370 ACRJ
1/18/2013 3:36:53 PM
Exhibit 5
Key Industrial Directives Under Malaysias National Economic Policy
1. Foreign companies that apply for licences to operate in Malaysia need to form a partnership
with a bumiputera partner recommended by the Ministry of International Trade and Industry
(MITI).
2. Initial Public Offerings (IPOs) to be listed on the Kuala Lumpur Stock Exchange are required
to set aside a 30% quota to bumiputera investors. The corporate equity should continue to
consist of a minimum of 30% bumiputera equity holders.
3. Under the Industrial Coordination Act (ICA), big companies should employ a minimum of
30% bumiputera and there should be bumiputera among the senior executives.
4. To bid for government contracts, companies should meet the requirement of 51% bumiputera
equity holding.
5. Government-linked companies are required to give preference to bumiputera businessmen
when outsourcing services.
6. Imported cars dealers must obtain approved permits (import licences) for their imports.
However, approved permits are only granted to bumiputera companies that have 100%
bumiputera shareholders.
Source: Chin, J. (2009). The Malaysian Chinese dilemma: The never ending policy (NEP). Chinese Southern Diaspora Studies,
Vol. 3, p/167182.
S0218927512500150.indd 371
1/18/2013 3:36:53 PM
372 ACRJ
Exhibit 6
Exhibit 6: Proton Time Line
Proton Time Line
Month/Year
Event
1957
Malaysias independence.
1962
1967
Dec. 1967
Swedish Motor Assemblies Sdn. Bhd., the first foreign assembler, began
production.
1981
1983
1985
Proton began producing its Saga model jointly with Mitsubishi Motors
Corporation of Japan.
1992
1992
Proton Holdings Bhd. was listed on the Kuala Lumpur Stock Exchange.
Oct. 1996
The launch of PUTRA, a two-door coupe, and the 100 millionth car was
produced.
2003
2004
2004
2005
Disposed of Agusta motorcycle unit for the token price of one euro.
2005
20042007
2006
Dec. 2008
Oct. 2009
S0218927512500150.indd 372
1/18/2013 3:36:53 PM
Exhibit 7
Exhibit 7: Economic
Contribution
of Malaysias
Automotive
Historical
Data
& Forecasts
Economic
Contribution
of Malaysias
Automotive
SectorSector
Historical
Data
& Forecasts
2006
2007
2008
2009
156.20
179.60
214.70
227.00
2.78
5.41
5.13
4.88
4.00
3.85
3.70
3.57
46.70
48.20
49.70
51.20
Source: Business Monitor International. (2009). Malaysia Autos Report Q1, 2010, p. 22.
Source: Business Monitor International. (2009). Malaysia Autos Report Q1, 2010, p.22.
S0218927512500150.indd 373
1/18/2013 3:36:54 PM
374 ACRJ
Exhibit 8
Exhibit
Duties
andon
Taxes
on Motor
Vehicles
in Malaysia
at March
2011)
Duties8:and
Taxes
Motor
Vehicles
in Malaysia
(as (as
at March
31,31,
2011)
(A) Motor cars (Including station wagons, sports cars and racing cars)
Engine
CBU
CKD
MSP
capacity (cc)
MFN
ASEAN
MFN
ASEAN
MFN
ASEAN
CEPT
CEPT
CEPT
<1,800
1,800-1,999
2,000-2,499
30%
10%
0%
10%
n/a
0%
Above 2,500
Local Taxes
Excise
Sales Tax
Duty
75%
80%
90%
10%
105%
Local Taxes
Excise
Sales Tax
Duty
65%
75%
10%
90%
105%
MFN
10%
MFN
CKD
ASEAN
CEPT
0%
CKD
ASEAN
CEPT
NIL
10%
10%
MFN
MSP
ASEAN
CEPT
n.a.
MSP
ASEAN
CEPT
NIL
0%
CKD
ASEAN
CEPT
NIL
0%
MFN
MFN
10%
60%
n.a.
MSP
ASEAN
CEPT
NIL
n.a.
MFN
Local Taxes
Excise
Sales Tax
Duty
65%
75%
90%
105%
0%
Local Taxes
Excise
Sales Tax
Duty
NIL
10%
Source: Malaysian Automotive Association. Retrieved March 31, 2011 from http://www.maa.org.my/info_duty.htm
Source: Malaysian Automotive Association. Retrieved March 31, 2011 from http://www.maa.org.my/info_duty.htm
Notes:
ASEAN
Notes: = Association of Southeast Asian Nations
ASEAN
= Association
of Southeast
Asian
Nations
CEPT
= Common
Effective
Preferential
Tariff
Scheme
CEPT
= Common Effective
CBU
= Completely
built up Preferential Tariff Scheme
CBU= =Completely
Completelyknocked
built up down
CKD
CKD = Completely knocked down
MFN = Most favoured nation
MFN = Most favoured nation
MSP
==
Multi-sourcing
MSP
Multi-sourcingparts
parts
n.a.
=
not
n.a. = notapplicable
applicable
S0218927512500150.indd 374
1/18/2013 3:36:54 PM
S0218927512500150.indd 375
1,040
223,235
61,562
109,799
4,618
453,713
53,632
907,599
543,594
58,691
47,273
346,644
58,105
1,608,331
Malaysia
Philippines
Singapore
Thailand
Vietnam
Total
2,515,930
111,737
800,357
51,891
168,490
605,156
764,710
13,589
Total
vehicle sales
in
2010
1,913,098
119,460
548,871
79,503
132,444
536,905
483,550
12,365
Total
vehicle
sales in
2009
32%
6%
46%
35%
27%
13%
58%
10%
Change over
20092010
10,480,946
n/a
1,845,997
8,281
759,849
468,175
7,398,644
n/a
Total sales
of
motorcycles
and scooters
in 2010
1,663,476
56,836
554,387
n/a
33,161
522,568
496,524
n/a
Passenger
vehicles
1,438,694
49,330
1,090,917
n/a
47,316
45,147
205,984
n/a
Commercial
vehicles
3,102,170
106,166
1,645,304
n/a
80,477
567,715
702,508
n/a
Total
vehicles
produced in
2010
2,123,746
107,760
999,378
n/a
62,523
489,269
464,816
n/a
Total
vehicles
produced in
2009
Brunei
12,549
Commercial
vehicles
541,475
Passenger
vehicles
Indonesia
Country
Auto
ASEAN
Countries
Exhibit Sales
9: Autoand
Sales Production
and Production in
in ASEAN
Countries
Exhibit 9
46%
1%
65%
n/a
29%
16%
51%
n/a
Change over
2009-2010
31
10,701,291
n/a
2,024,599
n/a
813,361
467,941
7,395,390
n/a
Total
production
of
motorcycle
and scooters
in 2010
1/18/2013 3:36:54 PM
S0218927512500150.indd 376
88,576,758
Vietnam
90,645
510,730
161,195
272,429
181,948
5,068,996
221,773
52,296
14,093,309
21
31
152
158
543
641
686
765
1,041
2,247
1,866
4,187
39,423
38,578
8,197
111,743
45,230
2,900
4,000
3,300
8,100
50,300
32,600
14,800
78,000
46,400
Source: http://www.nationmaster.com/graph/tra_mot_veh-transportation-motor-vehicles (accessed on May 20, 2010); www.cia.gov; United Nations Statistics
Source: http://www.nationmaster.com/graph/tra_mot_veh-transportation-motor-vehicles (accessed on May 20, 2010); www.cia.gov; United Nations Statistics
http://unstats.un.org/unsd/demographic/products/socind/inc-eco.htm
http://unstats.un.org/unsd/demographic/products/socind/inc-eco.htm
97,976,603
240,271,522
Indonesia
65,998,463
Thailand
Philippines
4,657,542
127,078,679
25,715,819
491,775
307,212,123
Population
Singapore
Japan
Malaysia
Luxembourg
USA
Country
Exhibit 10:Key
Key Statistics
Statistics of
countries
ofASEAN
ASEAN
Countries
Exhibit 10
376 ACRJ
1/18/2013 3:36:54 PM
Exhibit 11
Exhibit 11: Output of Japanese Automobile Manufacturers and their Counterparts in ASEAN Countries
in 2008
(Units)of Japanese Automobile Manufacturers and Their Counterparts in
Output
700,000
600,000
575,767
569,449
500,000
382,632
400,000
300,000
200,000
100,501
100,000
40,153
50,305
Vietnam
Singapore
Indonesia
Malaysia
Philippines
Thailand
Source: Japan Automobile Manufacturers Associations, Inc. (2009). Powering Up Hand in Hand, p. 11.
Source: Japan Automobile Manufacturers Associations, Inc. (2009). Powering up Hand in Hand, p.11.
33
S0218927512500150.indd 377
1/18/2013 3:36:54 PM
Copyright of Asian Case Research Journal is the property of World Scientific Publishing Company and its
content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's
express written permission. However, users may print, download, or email articles for individual use.