Geely Holding Group, China’s leading privately-owned automotive group, announced today that Mr. Feng Qingfeng, vice president and chief technical officer of Geely Auto Group, has been appointed to succeed Jean-Marc Gales as the chief executive officer of Group Lotus effective immediately. Mr. Jean-Marc Gales has chosen to leave for personal reasons and will become Chief Strategic Advisor to Lotus Chairman, Daniel Donghui Li. Geely Holding, which acquired a controlling stake in Group Lotus in 2017, thanked Mr. Gales for his contribution to the company over the past four years.
Could the UK be losing another icon? With the sale of Proton and its stake in Lotus, could Lotus go the way of MG and transfer production to China? According to Bloomberg, Chinese billionaire Li Shufu said his Zhejiang Geely Holding Group will consider producing Lotus sports cars in China after agreeing to purchase stakes in Malaysian carmaker Proton Holdings Bhd. and its British unit.
This just in from the BBC, AutoNews, FT, and numerous other UK news sources, British sports car maker Lotus is being bought by China’s Geely. A statement was put out by the Hangzhou-based company. There is no notice as of yet from Lotus themselves. The purchase is part of a deal by Geely to buy a 49.9% stake in Malaysian carmaker Proton, which owns Lotus. Geely, which also owns the London Taxi Company and Sweden’s Volvo Car Group, will take a 51% stake in Lotus.