China’s Geely takes stake in Proton, Lotus

AFP, KUALA LUMPUR: Chinese auto giant Geely yesterday announced it was taking a 49.9 per cent stake in Malaysia’s troubled Proton as well as a 51 per cent share in British sports car brand Lotus.
Proton’s parent DRB-HICOM said the deal would enable Southeast Asia’s first auto brand to tap Geely’s technology and access existing markets of the Chinese manufacturer.
“Our intention was always to ensure the revitalisation of the Proton nameplate,” said DRB-HICOM group managing director Syed Faisal Albar.
“It was Malaysia’s first national car brand and has more than 30 years of history. This deal will be the catalyst to elevate a brand that Malaysians resonate with.”
Geely Holding also owns Volvo Car Corporation and The London Taxi Company.
In a statement, Geely Holding said it would acquire a majority share of 51 per cent of Lotus from Proton. Both parties expect to sign the “definitive agreement” for the deals before the end of July.

Chinas Geely takes stake in Proton, Lotus

AFP, KUALA LUMPUR: Chinese auto giant Geely yesterday announced it was taking a 49.9 per cent stake in Malaysias troubled Proton as well as a 51 per cent share in British sports car brand Lotus. Protons parent DRB-HICOM said the deal would enable Southeast Asias first auto brand to tap Geelys technology and access existing markets of the Chinese manufacturer. Our intention was always to ensure the revitalisation of the Proton nameplate, said DRB-HICOM group managing director Syed Faisal Albar. It was Malaysias first national car brand and has more than 30 years of history. This deal will be the catalyst to elevate a brand that Malaysians resonate with. Geely Holding also owns Volvo Car Corporation and The London Taxi Company. In a statement, Geely Holding said it would acquire a majority share of 51 per cent of Lotus from Proton. Both parties expect to sign the definitive agreement for the deals before the end of July.