Volvo and Lotus are Now Owned by the Same Chinese Company
Geely now owns a majority stake in Lotus.
It has been known for quite some time now that Chinese automaker Geely, which also owns Volvo, would be purchasing a 51-percent majority stake in Lotus. But that transaction is now complete and the remaining 49 percent is being held by Etika Automotive, a Malaysian automotive group.
With the announcement of the completed transaction, the Board of Directors for Lotus has also been established, with Geely to hold three seats on the board and Etika holding two. Geely has appointed Geely Holding’s executive vice president and chief financial officer, Mr. Daniel Donghui Li, as chairman of the Lotus Board. Joining him from Geely are Mr. Feng Qing Feng, Geely vice president and chief technology officer, as well as Mr. Nathan Yu Ning, vice president of international business and executive advisor to the president at Geely Holding.
SEE ALSO: Volvo’s Chinese Parent Company is Buying Lotus
Etika has appointed Dato’ Sharil Tarmizi, a corporate consultant and a long-term supporter of technology companies to the Lotus Board, and will announce another addition in due course.
Current Lotus CEO Jean-Marc Gales will retain his position, after helping bring the British automaker back to a positive cash flow situation.
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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I'm selling both my Lotus and my Volvo!
Geely, Just provide the $$$ funds for the engineers to do their R&D, no more. Do not I REPEAT DO NOT get involved in decision making for Lotus (i.e. conjuring up a Lotus SUV for Soccer moms), trust the CEO to do his job. If you do, you'll lose your loyal customer base! Don't believe me? Just try it and prove me right! Thank you!