China's Geely Automobile Holdings has officially been named Proton's new strategic partner.

The announcement was made by Second Finance Minister Datuk Seri Johari Abdul Ghani today.

Geely is acquiring 49.9% of the national car maker from DRB Hicom.

Johari however reiterates, a majority of 50.1% will still be held by DRB Hicom.

Geely's announcement as Proton's new strategic partner put to rest months of speculation.

The Chinese carmaker is said to have beaten the likes of PSA Group of France, and Renault, amongst others.

As part of a 1.5 bil ringgit soft loan given by the government in 2016, Proton is required to secure a new strategic partner to help get it back on track.

This is following 6 consecutive months of dwindling sales, and the reduction of its market share to being the number 4 car brand in Malaysia.