Chinese auto giants invest in Proton and Lotus…
Big news in the auto world tonight with confirmation Geely has taken a 49.9% ownership stake in Proton.
While Geely has also purchased the controlling interest, 51% of famous British brand, Lotus.
The Chinese automaker, which already owns Volvo, purchased the stake in Proton and Lotus from Malaysian conglomerate DRB-Hicom.
In confirming the deal, Geely said it is committed to reviving both Proton and Lotus.
“The agreement lays the foundation for a wider framework for both Geely Holding, Proton and Lotus to explore joint synergies in areas such as research and development, manufacturing and market presence.”
Both Proton and Lotus in Australia have struggled to sell more than a handful of cars each month in Australia in recent times.
At this stage, there is no word on possible implications for those brands here, we will keep you updated.