Geely Denies Lotus Acquisition Plans

by under News on 03 Nov 2016 02:30:03 PM03 Nov 2016
Geely Denies Lotus Acquisition Plans

During a session with the media, Geely chairman Shufu Li has denied rumours that his automotive conglomerate Geely was looking to purchase Lotus from Malaysian manufacturer Proton. He clarified that Geely and Proton had been in discussions roughly two years ago, but at that stage, the meetings had revolved predominantly around technological cooperation rather than an asset or equity acquisition. 

Geely Denies Lotus Acquisition Plans

“I learned of these latest rumours of an acquisition through the media, like you,” Li said. “Of course we are facing different options,” he concluded, alluding that Geely may be interested in working with the British sports car maker on some level. Li would not reveal more than that, though.

Geely’s parent company, Geely Holding Group, now has a formidable portfolio of automotive marques under its umbrella, which includes Swedish brand Volvo, and the London Taxi Company. It has also introduced a new brand, Lynk&Co., which made headlines recently for “the most connected car ever.” 

Geely Denies Lotus Acquisition PlansGeely Denies Lotus Acquisition Plans

In other news, Volvo is looking to move closer to its parent company, with some production activities being moved to China. Li said that focusing on the Volvo-Geely partnership would allow both brands to increase efficiency while improving the global presence of both brands. 

For more on Volvo, Lotus, or Proton vehicles, including pricing and specifications, check out our Showroom

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