Geely plans to invest $2.7 billion in Lotus


Bold Chinese automaker desires to turn Lotus into Porsche and Ferrari rival

Geely is reportedly thinking of authorising £1.5 billion ($2.7 billion) to revitalise British sports activities automobile maker Lotus.

Resources have informed Bloomberg the prepare below investigation includes hiring an more 200 engineers, and building a 2nd British isles manufacturing unit, probably in the West Midlands.

Geely is also said to be thinking of growing its stake in Lotus. The Chinese vehicle maker presently owns a 51 per cent of the British marque, with the remainder owned by Etika Automotive, an financial investment car or truck managed by Malaysian businessman Syed Mokhtar Al-Bukhary.

In an e mail to the company publication, Geely stated it experienced already accepted a new British isles style and design studio in Coventry. It also verified it “is fully dedicated to restoring Lotus into being a primary world wide luxury manufacturer”.

Previously this year, Jean-Marc Gales, Lotus’ former CEO, introduced the British marque was setting up to launch two new athletics car or truck by 2020, and its 1st-at any time crossover by 2022.

Although the specialty car or truck maker’s fiscal posture has improved in current times, product sales have fallen 25 for every cent this year in the British isles, with just 145 Lotus cars bought right up until the conclusion of July.