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.”