After Volvo, Geely Now Completes Acquisition Of Lotus

Chinese automaker Geely has completed the acquisition of the majority stake in Lotus, with Lotus CEO Jean-Marc Gales remaining in charge of the British sports car company.

Geely, who already owns Volvo, Lynk&Co and the London Taxi Company, now holds 51 percent of Lotus, with the remaining 49 percent held by Malaysian Etika Automotive.

Three of the five seats in the Board of Directors for Lotus will be appointed by Geely Holding and the remaining two by Etika. Chairman of the Board will be Daniel Donghui Li, Geely Holding’s Executive Vice President. Feng Qing Feng and Nathan Yu Ning will also join the Board on behalf of Geely while Etika has appointed Dato’ Sharil Tarmizi. The Malaysian automotive group will announce a further addition to the board on a later date.

Lotus has already returned to profits in the first half of 2017, with sales rising by 10 percent in year on year comparison, thanks to the introduction of new special models, including the latest Evora GT430, the fastest Lotus in the history of the brand.

Daniel 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-recognized 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.”

PHOTO GALLERY

  • Dennis James

    More companies biting the dust and being replaced by Chinese crap using their names. Nokia, Motorola, Volvo and now Lotus, probably many others too. It’s quire worrisome, if you ask me.

    • LWOAP

      Lotus and Volvo haven’t bitten the dust. They were purchased. And furthermore, have being under Chinese ownership negatively affected the quality of the product? You tell me because I haven’t seen it happen with Volvo and I don’t expect it to change with Lotus.

      It’s not some Chinese brand masquerading as them. Where are you coming up with this?

      • Dennis James

        Really ? Did you know that Volvo’s 2016 sales are only 65% of the 2007 sales, and this is comparing to the best year after the Chinese Geely bought them ? In 2014, 2015 and 2016, the sales were abysmal (less than 50% of 2007).

        And Motorola ? Their phones are now generic Chinese crap with no standout features, with small batteries and ugly designs, even Lenovo admitted that Motorola purchase “did not meet expectations”. But of course they can’t sell the brand because it is not worth anything at this time, Google kept the patents to themselves.

        The Chinese inject a ton of money in advertising, and that’s why the Internet is full of Volvo and Motorola ads and paid articles, but have you ever seen a new Volvo or a new Motorola nearby ? I thought so…

        • LWOAP

          Actually, I have seen a new Volvo on more than one separate occasion and I must say, it was quite handsome looking. And that still doesn’t answer my question about whether or not Chinese ownership will affect the quality of the product. Are Volvos cheaply made? Are Volvos less safe because Geely owns them? I’d like to know the answer to that, but I simply don’t know where to start.

          I won’t comment on advertisements because I use ad blocker.

        • alexxx

          What are you talking about? Volvo has never made more beautiful cars with top quality and I have never seen more volvo cars on the road then these days…
          You assume that these Chinese guys have lots of money but they are stupid or what?
          Which car brend do you own and produce, can you tell me?
          .
          .
          .
          I thought so……

    • botornot387

      Being bought by the Chinese is what literally saved Volvo, and has given them the cash flow to put out some of the best products they ever have in their history. stop perpetuating the chinese end of the world theory. Companies there are making the right moves. Our companies could learn a thing or two.

    • Big Black Duck

      I see you have been masturbating to Donald Trump

  • Six_Tymes

    hmmm

  • ErnieB

    Volvo has don’t great.. can wait to see lotus blossom ..

  • ediotsavant

    Bright future for Lotus.

  • “GLOBALLY COMPETITIVE BRAND”?
    NOBODY’S JUST HAPPY MAKING CARS PEOPLE WANT TO DRIVE WHILE MAKING A PROFIT.

  • Callanish

    Well someone needs to do something with Lotus before it falls into total obscurity. If this total buyout means a reboot for Lotus, then It can’t come quick enough.

  • Astonman

    Bring back the Esprit!

  • BobV12

    First : change the design

  • SteersUright

    Damn that Evora looks sweet in those pics! They’ve really nip-tucked it into quite a good looking vehicle by now!

  • smartacus

    Ditch that big 3.5 V6
    for a Volvo 2.0t
    make it lighter

    • alexxx

      To make Lotus lighter they will have to ditch motor 😂😂😂

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