Geely considering £1.5 billion investment to boost Lotus

Lotus majority stakeholder poised to spend billions on British brand, according to sources

Lotus Exige Sport 410 - front

New Lotus controller Geely is preparing to invest over £1.5 billion on the British sports car brand as it aims to push Lotus to the front and centre of the sports car market once again. That's according to Bloomberg, citing sources familiar with the matter.

The Chinese car giant - which owns Volvo, Polestar, the London Taxi Company, Lynk & Co, Yuan Cheng Auto and has a 49.9 per cent stake in Proton - now also owns 51 per cent of the British brand after completing a deal last September.

Lynk & Co reveals production ready SUV at Shanghai Motor Show

Bloomberg says that Geely plans to build new Lotus production facilities and research centres in the UK, and that the the company is planning to buy itself an even larger stake in Lotus by purchasing more shares of Malaysian minority stakeholders Etika Automotive.

Bloomberg says that Geely is aiming to build itself into one of the automotive industry's biggest groups, and that its plans for Lotus could see the British brand revived and repositioned into a genuine Porsche competitor. Bloomberg also claims that the first phase of Geely's Lotus expansion will see around 200 new engineers hired and an expansion of the firm's current plant in Hethel, Norfolk.

Geely executive vice president and chief financial officer, Daniel Donghui Li, has been chairman of the new look Lotus board since the acquisition of the brand.

Last September, concluding the deal, Daniel Donghui Li said: “With the transaction completion we now look forward to working with our partners to develop the Lotus brand into a globally competitive brand and a well recognised leader in the sports car market.”

While news of fresh investment sounds exciting, Geely’s real desire to acquire Lotus could stem from the marque’s expertise in composite materials and lightweight construction methods. Geely sees this technology as transferable across the vehicles it sells in China. Lighter cars will help the brand meet stringent future emissions targets in its home Chinese market.

Is new Chinese ownership a good thing for Lotus? Let us know your thoughts in the comments.

Recommended

Best 60s cars: the 30 greatest cars of the 1960s
Best cars of the 60s - header
Best cars & vans

Best 60s cars: the 30 greatest cars of the 1960s

The swinging sixties brought a vast array of unforgettable cars that would establish the path of the industry for decades to come. We pick our top 30 …
21 Jun 2021
'We’ve finally seen evidence that Lotus really does have an exciting future'
Lotus opinion
Lotus

'We’ve finally seen evidence that Lotus really does have an exciting future'

John McIlroy is looking forward to seeing Lotus branch out into more family-orientated cars
28 Apr 2021
New Lotus SUV likely as part of brand’s electric revolution
Lotus SUV - front (watermarked)
Lotus

New Lotus SUV likely as part of brand’s electric revolution

Stunning plan from Hethel will see the Lotus brand expand like never before with a new SUV, plus production lines in Norfolk and China
27 Apr 2021
Electric Lotus Evija looks to Type 49 racer for soundtrack
Lotus Evija
Lotus

Electric Lotus Evija looks to Type 49 racer for soundtrack

The Lotus Evija’s electric motor will be accompanied by an edited version of the Type 49’s V8 engine noise
10 Mar 2021

Most Popular

New Vauxhall Crossland Griffin arrives to boost SUV’s appeal
Vauxhall Crossland Griffin
Vauxhall Crossland

New Vauxhall Crossland Griffin arrives to boost SUV’s appeal

The new Vauxhall Crossland Griffin undercuts the SE on price, but adds more equipment
26 Jul 2021
New SsangYong X200 SUV previewed in teaser sketches
SsangYong X200
SsangYong

New SsangYong X200 SUV previewed in teaser sketches

New X200 SUV concept signifies radical new design direction for SsangYong
27 Jul 2021
New McLaren 765LT Spider redefines open-top performance
McLaren 765LT Spider - front action
McLaren 765LT

New McLaren 765LT Spider redefines open-top performance

The drop-top McLaren 765LT Spider takes just 2.8 seconds to sprint from 0-62mph, while it can reach 124mph from rest in 7.2 seconds
27 Jul 2021