Zhejiang Geely Holding Group (Geely Holding) has announced the completion of its purchase of a majority stake in British luxury sports brand Lotus.
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. Of the five board members, three will represent Geely and two Etika. Current CEO Jean-Marc Gales will continue his role, having run the company since 2014.
Lotus is in a buoyant mood with the first half of the year resulting in a positive cash flow on the back of introduction of new models and moves into the Chinese and US markets.
Daniel Donghui Li, chairman of the newly constituted board commented: “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.”
Mr. Jean-Marc Gales echoed Mr. Daniel Donghui Li’s comments by saying: “Following a successful business turnaround, the Lotus brand has never been in a stronger position and we are now perfectly positioned for growth. We are producing the best cars in the company’s history and are currently developing next generation of sports luxury vehicles which will continue to demonstrate the Lotus brand values of class-leading vehicle dynamics, light weighting, styling and aerodynamics by leveraging Geely Holding’s global strengths and resources.”