Geely Motors Set To Take Over Lotus
Reports have emerged that Chinese Automakers, Geely Auto has sealed a deal with Lotus parent company Proton to purchase a controlling stake in the British sports car company.
Geely which already, Volvo, Lynk & Co, the London Taxi Company, as well as its own brands will purchase a 51 percent stake which will be finalized in July.
France’s PSA Group, owner of Peugeot and Citroen, was also considering a bid, but it appears Geely made the better offer.
Lotus has for years suffered financial hardships, and Geely’s cash flow will more than keep the lights on at Hethel. Lotus will also enjoy Geely’s business approach, which is described as being hands-off. There was controversy when Geely purchased Volvo from Ford a few years ago, but the subsequent hands-off approach is paying huge dividends today.
Lotus will be hoping to replicate that success.
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