Economy

Geely completes majority stake purchase of Lotus

Geely completes majority stake purchase of Lotus”

This means Lotus could work with the British brethren, and start selling "any size of car" while actually staying true to its credo - lightweight, great handling to performance ratio cars.

However, while it's all change behind the scenes, current Lotus CEO Jea-Marc Gales will continue in his role as CEO.

Hethel-based manufacturer Lotus announced the completion of the transaction in a statement on its website on Friday. Geely Holding now owns a majority stake of 51% in Lotus Advance Technologies Sdn Bhd (Lotus) with a minority 49% being held by Etika Automotive (Etika), a Malaysian automotive group.

Speaking about the completed acquisition, Geely chief financial officer Donghui Li said "With the transaction completion we now look forward to working with our partners to develop the Lotus brand into a globally competitive brand and a well-recognised leader in the sports auto market". Lotus' new board of directors will consist of five members, three appointed by Geely, with two from Etika.

Lotus cars
Lotus carsLotus

Though Geely in not a popular name in the world automotive atlas, the Chinese outfit become the talk of the industry when they bought Volvo Cars from Ford in 2010.

Geely Auto vice president and chief technology officer Feng Qing Feng and Nathan Yu Ning, vice president of worldwide business at Geely Holding, will also join the board. Sharil was also the chairman and chief executive officer of the Malaysian Communications and Multimedia Commission (MCMC) from 2011 to 2014.

Mr Gales said: "Following a successful business turnaround, the Lotus brand has never been in a stronger position and we are now perfectly positioned for growth". That newly-formed partnership also has a new board structure with Dr. Li Chun Rong appointed as CEO, effective October 1. All three are now board members of the Geely brand.



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