The e.MAS 7 is forecast to see orders of 3,000 units by end-2024, according to Kenanga Research.
PETALING JAYA: The first national electric vehicle (EV), the Proton e.MAS 7, is expected to strengthen DRB-Hicom Bhd
’s automotive business.
Set to be officially launched next month at a price of RM120,000, the e.MAS 7 is forecast to see orders of 3,000 units by end-2024, with the first delivery in January 2025, according to Kenanga Research.
The research house said that its projection was based on an estimated market share of 30% of 10,000 EV units sold last year.
“We believe this is achievable given that it has already secured more than 100 bookings since Oct 26, which is not an easy feat given its online-only booking process with no test drives, no official pricing nor official specifications released,” Kenanga Research said.
Local automotive portals reported customers could already book the new EV through EON’s website, with a deposit of RM500.
The company is one of Proton’s major dealers with 10 locations across Malaysia, with its Glenmarie and Damansara branches designated as official Proton e.MAS dealerships.
“This reflects Proton’s strong market base as well as brand loyalty among local fanboy and government support of national automakers. It plans for local production in 2026,” the research house wrote in a report yesterday.
Kenanga Research maintained an “outperform” call on DRB-Hicom, with an unchanged target price of RM1.30.
It said the EV launch was estimated to have a negligible impact on DRB-Hicom’s earnings at less than 5% at the moment.
“The new distributorship requires minimal capital expenditure, as it utilises existing EON dealerships,” Kenanga Research said.
At present, there are 34 EON dealerships, with its largest, EON Glenmarie, having already secured 60 bookings for the e.MAS 7.
“Given the crowded EV market with various new launches, we believe that Proton will need to expedite completely-knocked-down local assembly of the e.MAS 7 for it to be competitively priced and stand out among a multitude of names, especially against the upcoming Perodua EV model which is expected to be priced below RM100,000,” Kenanga Research said.
At RM120,000, the e.MAS 7’s closest competitors include the BYD Atto, priced at RM149,000, and Neta X, priced at RM135,000.
“While Proton has long benefitted from Geely’s technology since the latter’s entry in 2017, Proton emphasised that the new national EV model, based on Geely’s Galaxy E5, is the product of collaboration between the two companies, involving 230 Proton engineers and designers.
“The interior is comfortable enough to fit a six-footer with ample rear passenger room, while its interior trim and panoramic sunroof give it a classy and clean look,” Kenanga Research said.
In terms of technology, the EV’s features, including a colour head-up display, 16-speaker system and ventilated front seats and walk-away auto lock in the premium version, matches those of competing, it added.
The EV is expected to be made in two variants – Prime and Premium.
Both versions will feature the same electric motor at the front that is rated at the equivalent of 215hp and 320Nm of torque.
The Prime variant of the e.Mas 7 is expected to feature Geely’s Aegis short blade lithium iron phosphate battery with an energy capacity of 49.52kWh, for a rated range of 345km.
The Premium variant’s battery has a higher capacity of 60.22kWh, which should increase the range to 410km.
“We like DRB-HICOM for being the second-largest player in the local automotive sector, second only to Perodua, with a market share of about 30%; its strong Proton and Honda franchises; and its improving banking franchise under Bank Muamalat,” Kenanga Research said.
