Proton
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Zhejiang Geely Holding Group in May agreed to purchase 51 percent of Lotus, giving the Chinese automaker a sports car brand to sit alongside its other brands which include the likes of Volvo, Lynk & Co. and Geely. Geely Holding on Friday closed the deal which sees the remaining 49 percent of Lotus go to Malaysian supplier Etika Automotive. Lotus CEO Jean-Marc Gales will continue to lead the brand. He’s been influential in seeing Lotus become profitable since taking the reins in 2014. A new five-member board of directors was also announced. Representing Geely Holding will be Daniel...
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Geely agrees to purchase major stake in Lotus, ProtonChina’s Zhejiang Geely Holding Group, the company that owns the Volvo, Lynk & Co and Geely car brands, on Wednesday agreed to purchase 49.9 percent of Lotus parent company Proton from current owner DRB-Hicom. As part of the deal, Geely will also purchase a 51 percent stake in Lotus. Terms...
Viknesh Vijayenthiran -
Proton reveals rally car
Malaysian automaker Proton has decided to go rally racing. Proton, which owns Lotus, commissioned British motorsports and engineering firm Mellors Elliot Motorsport (MEM) to develop a car for the World Rally Championship 2 (WRC2) series. The series, which uses the same stages as the World Rally...
Viknesh Vijayenthiran -
Report: Geely, PSA Group compete for Lotus parent Proton
Malaysian conglomerate DRB-Hicom is looking to offload its majority stake in fellow Malaysian firm Proton and two of the potential bidders are reported to be China’s Geely and France’s PSA Group. The information was reported on Sunday by the Financial Times which cited an anonymous...
Viknesh Vijayenthiran -
Lotus could be up for grabs in sale of unprofitable parent Proton
Ownership of Lotus could soon change hands if the sale of its unprofitable parent company Proton goes ahead. A controlling stake in Proton was bought by DRB-Hicom in 2012 for approximately $410 million but the Malaysian conglomerate has struggled to turn the automaker around and recently reached...
Viknesh Vijayenthiran -
Lotus To Build Cars In China
Lotus parent company Proton has signed an agreement with Chinese industrial firm Goldstar to form a new joint venture, whose aim will be to eventually manufacture “Lotus-branded passenger cars” in China. Proton’s links with Goldstar date back more than a decade but this is the...
Viknesh Vijayenthiran -
New Lotus CEO Jean-Marc Gales has just made the painful decision of eliminating a quarter of the automaker’s global workforce, but he has further tough calls to make including the possibility of parts sharing with parent company Proton. In the near term Lotus will upgrade its existing trio of sports cars—Elise, Exige and Evora—and hopefully get production up to around double where it is now. In the longer term, it’s not so clear, even for Lotus, what will happen. It recently came to light that Lotus is looking to expand into more mainstream segments to help boost its...
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Proton's New Owners Ponder Lotus Sale
DRB-Hicom is reportedly "open to options" regarding the sale of Lotus, but insists no decision will be made until it meet with Lotus' management.
Kurt Ernst -
Lotus parent company Proton sold to Malaysian conglomerate DRB-Hicom
Malaysia’s state-owned Khazanah Nasional Bhd has sold its 43 percent stake in Proton, a maker of economy sedans and hatchbacks, to fellow Malaysian firm DRB-Hicom in a deal costing more than $410 million. DRB-Hicom is a conglomerate dealing in automotive services, transport and power...
Viknesh Vijayenthiran -
Investors Urge Proton To Sell Floundering Lotus Brand
Lotus has been in the hands of Malaysia’s state-owned Proton since 1996 and during that time has yet to turn a profit. With speculation that Proton, a maker of economy sedans and hatchbacks, may be fully privatized in the near future, investors are predicting that the Malaysian automaker will...
Viknesh Vijayenthiran -
Lotus Is Not Up For Sale Says Proton
Quashing claims that British sports car company Lotus could be up for sale, current owner Proton has released a statement saying that the news was untrue and that there are no plans for the sale of Lotus or any stake in it. Recent reports suggested that investment group Genii Capital, a part owner...
Viknesh Vijayenthiran -
Proton: We Won’t Sell Lotus
Despite the recent news that Lotus will delay models and may be in financial trouble, its Malaysian owner Proton has said it won’t sell the British sports car manufacturer. Syed Tahir, Proton group managing director, has stated, 'We will make sure that Lotus will work and we must ensure Lotus...
Kenneth Hall -
Group Lotus, with the help of its parent company Proton Holdings, plans to implement some massive changes to fully utilize the synergies between the two companies. Proton plans to introduce a new division to be staffed by people from both companies in attempt to turnaround the financial status of Group Lotus over the next five years. Plans include introduction of a new lightweight sports car similar in ethos to cars like the Elise and Exige, and increased production of vehicles wearing the Lotus badge. Lotus has always been a very innovative company, using its expertise in engine and chassis...
