AUTO INDUSTRY NEWS

Lotus now officially part of Geely after completing purchase

Lotus now officially part of Geely after completing purchase image

Jose Altoveros / Lotus | October 02, 2017 11:29

Geely completes acquisition of Lotus with 51 percent majority stake

Earlier this month, Geely was reported to be finalizing the takeover of British sportscar maker Lotus from Malaysian automaker, Proton. Now, the acquisition has been completed with three Geely executives now sitting in Lotus' five member board of directors. Geely controls a 51 percent stake at Lotus while Malaysian Etika Automotive controls the remaining 49 percent.

Daniel Donghui Li, executive vice president and chief financial officer at Geely, has been named chairman of the board at Lotus. Joining Li on the board are Feng Qing Feng, Geely Auto vice president and Nathan Yu Ning, Geely Holding vice president of international business. From Etika's side will be Datuk Sharil Tarmizi taking up a fourth board member position.

“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 car market. We are extremely confident that Lotus will go above and beyond the expectations of the automotive industry and consumer base in the near future,” said Li.

Jean-Marc Gales will still remain as Lotus' chief executive officer. Gales has held the position since joining the company in 2014, and has been credited for creating positive cash flow in Lotus during the first half of this year. He has also been credited for the introduction of new models such as the Evora GT430, the fastest Lotus ever built.

After this acquisition, Lotus now joins Volvo and The London Taxi Company under the same automotive family. With the positive start in 2017, Geely hopes to continue that with Lotus and help the British sports car maker survive in the long run.