Lotus sold to Chinese multinational Geely

By: James Robinson, Unique Cars magazine

Date: 31.05.2017

Don’t despair though; it’s probably the best thing to happen to the British sports car maker in a long time

Chinese Multinational leviathan Geely has just purchased 49.9 per cent stake in Proton, owners of Lotus and subsequently, Geely has taken a 51 per cent controlling stake in both Lotus cars and Lotus’s engineering consultancy business.

The deal is yet to be formally completed, with signatures, handshakes and pats on the backs all due to take place in July, but it’s pretty much guaranteed to go through without any qualms.

Geely has purchased the loss-laden Proton from current parent company DRB-Hicom, however the amount spent by the Chinese multinational for the controlling share of Proton is still unknown.

This is probably the best thing that could have happened to Lotus, as Geely has form in buying ailing car manufactures, investing heavily, and turning things around.

A perfect example of this is Volvo. Geely bought the struggling Swedish manufacturer from Ford in 2010, and since then Volvo has gone from strength to strength, with a reinvigorated product line, new platforms and new engines.

After all the dramas and fiascos the poor little team at Hethel have gone through over the last decade, what with the disaster of Dany Bahar and years of non-existent profit margins, Lotus may finally get the big break it deserves.

There’s already talk that the Lotus SUV could be back on the cards, and while that may not sound great to us enthusiasts, SUVs make car company’s massive amounts of money, money which can then be spent on developing and producing better sports cars. 

Looks like the old acronym for LOTUS (Lots of trouble, usually serious) may finally be coming to an end. 

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