Chinese auto maker and umbrella company for several marques, Geely, is due to take a 49.9% share in Proton, and from Proton a 51% share in Lotus.
Geely Holdings Group, which is also the parent company of Volvo Cars, says it expects the deal wil be finalised by mid-July 2017.
Lotus’ next owners hope to gain more expertise in research and development from the British brand, as well as exploring manufacturing possibilities, and strengthening market presence.
“With Proton and Lotus joining the Geely Group portfolio of brands we strengthen our global footprint and develop a beachhead in South East Asia,” says Daniel Donghui Li, vice president and CFO of Geely Holding Group.
“Reflecting our experience accumulated through Volvo Car’s revitalization, we also aim to unleash the full potential of Lotus Cars and bring it into a new phase of development by expanding and accelerating the rolling out of new products and technologies.”
Since it was founded in 1986, the Chinese conglomerate claims it has sold a combined 1.3 million vehicles.
A new owner could mean a better chance for Lotus to survive, as a company with as much investment power behind it as Geely is likely to have no issue throwing plenty of cash in to get as much out of it as possible.
Geely says that Volvo Cars has already benefited from joining the portfolio of brands due to globally focused management, and access to innovative technologies.
Could this mean we’re about to see a resurgence in the popularity and presence of Lotus? Watch this space…