Geely, the Chinese carmaker owns Volvo, London Taxi company and Lynk&Co, has completed the purchase of a majority stake in Lotus.
It now owns a 51% share in the British sports car manufacturer, while 49% of the group is maintained by Etika, a Malaysian car.
The acquisition is part of a deal announced in may between Geely and Lotus’ former owner, Proton. The deal means that in addition to a majority stake in Lotus, Geely also holds a 49% stake in Proton.
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Lotus boss Jean-Marc Gales, the management of the company, during a series of appointments were made to the Lotus board.
Geely’s chief financial officer Daniel Donghui Li is the Chairman of the Board, while the chief technology officer Feng Qing Feng and vice president of international business Nathan Yu Ning also sit on the panel. There are also two members of the board of Etika.
Donghui Li, said: â€œWith the completion of the transaction now we look forward to working with our partners to develop the brand Lotus in a Global competitive brand and a well-recognized leader in the sports car market. “We are very confident that Lotus will go above and beyond the expectations of the automotive industry and customer base in the near future.”
Storm added: â€œafter a successful business turnaround of the brand Lotus, never in a stronger position and we are now perfectly positioned for growth. We produce the best cars in the history of the company, and are currently on the development of the next generation of Sport-luxury vehicles, to show the still, the trademark Lotus-values of the class leading dynamics of the vehicle, light-weighting, styling and aerodynamics through the use of Geely Holding, the global forces and resources.”
In the first half of 2017, the Lotus situation occurred in a positive cash flow with revenue growth of 10% year-on-year in the first half.
There are also a number of models, including the fastest Lotus led, Evora GT430.
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