Lotus bought by Chinese car manufacturer Geely
Classic British sports car manufacturer Lotus has been bought by China's Geely for an unspecified amount.
As well as a 51% stake in Lotus, they’ve also manage to acquire a 49.9% stake in Malaysian car manufacturer Proton who actually own Lotus.
Lotus haven’t been in a particularly great financial situation lately, having really struggled to make proper profit since the late 1990s.
They haven’t been involved in Formula 1 racing since then and the fact that officials refused to let them sell their vehicles within the US throughout 2015 because their airbags failed to meet a newly introduced safety regulation certainly didn’t help matters.
Geely previously acquired luxury Swedish car manufacturer Volvo in 2010 and the London Taxi Company in 2012.
The stake in Proton will allow Geely entrance to markets across South East Asia where they intend to use Volvo’s technology to attempt to claim a significant market share.
"Geely has validated the model of using their Volvo technology platform to create good products. That should be the same for Proton," said James Chao consultancy IHS at Markit Automotive.
It is Geely’s aim to produce three million cars by 2020 across all of it many operations.