Wednesday, 24 May 2017

British sports car maker Lotus bought by China's Geely

Lotus, the British sports car maker, is being bought by China's Geely.

The purchase is part of a deal by Geely to buy a 49.9% stake in Malaysian carmaker Proton, which owns Lotus.

Geely, which also owns the London Taxi Company and Sweden's Volvo Car Group, will take a 51% stake in Lotus.

Jean-Marc Gales, who became Lotus chief executive in 2014, has been trying to return the Norwich-based company to profit after two decades in the red.

Having reduced losses down to £27m last year, Lotus has said it aims to make a profit this year.
It was effectively locked out of United States in 2015 when its airbags failed to comply with new car safety regulations, but Lotus returned to the American market last summer.

At the Geneva car show in March it unveiled the revamped Evora 400 model, which complies with US regulations. The vehicle costs about £75,000 in the UK.

While the Lotus car company has not been involved in Formula 1 racing since the 1990s it runs an engineering consultancy selling sports car technology.

BBC     News.