Geely Reportedly Considering $1.9 Billion Lotus Makeover

Geely Reportedly Considering $1.9 Billion Lotus Makeover

Geely Reportedly Considering $1.9 Billion Lotus Makeover

Geely has already done a creditable job of turning around the fortunes at Volvo, which it also owns, while also burnishing the brand that has long relied on its safety cred by adding a heaping helping of style and tech.

The Chinese automaker, which also controls Volvo Cars, plans to add production facilities and research centers for Lotus in the United Kingdom, one of the people said, asking not to be identified because the deliberations are private. However, as if pre-empting the fears of the Lotus faithful, Geely boss Li Shufu said the brand is very much still focused on the UK: "We see no reason to move fifty years of combined experience to China; let them do what they do best, in Britain".

"Geely is fully committed to restoring Lotus into being a leading global luxury brand", the automaker said in an email, declining to comment further. Calls to the office phone line of privately held Etika Automotive weren't answered. The company has spent more than $11 (£8.5 / €9.5) billion to revive Volvo and now it looks like it is Lotus' turn.

Kroenke on the brink of full Arsenal takeover
The owner of Kroenke Sports & Entertainment (KSE) had a 67 percent ownership of Arsenal's shares. Within two hours of the announcement '#KroenkeOut' was trending on Twitter in Britain.

Reports out of China point to Lotus' new owner Geely investing heavily in rejuvenating the fabled British marque, injecting the Hethel, England-based company with nearly $2 billion to expand its manufacturing, research and design facilities. In February, Li emerged to be the biggest shareholder in German luxury-car maker Daimler AG with an nearly 10 per cent stake. A new design and innovation center would join the plant, perhaps in Coventry. Two months ago, Geely had committed to a new United Kingdom design studio in Coventry, Geely said in its email. The idea behind this expansion is to work towards building Lotus as a luxury nameplate to compete with the likes of Porsche and Ferrari.

Li said previous year that Geely would consider producing Lotus sports cars in China. Sources close to the plans said Geely is in talks with its Malaysian partner Etika Automotive Sdn Bhd.to purchase more than the 51-percent stake in Lotus it now holds as well.

Recommended News

  • Perseid meteor shower: how to see shooting stars this weekend

    Perseid meteor shower: how to see shooting stars this weekend

    But the best time to watch the shower is in the pre-dawn hours of 3-5 a.m. when the moon has set and Perseus is high in the sky. But the meteor shower does not fully awaken until around mid-August when the Perseids peak in intensity.

    Unai Emery welcomes Pep Guardiola battle ahead of Arsenal v Man City

    The left back won't be available on Sunday as he is out for 8-10 weeks due to a knee injury which he sustained in the pre-season. His statistics are better than me. "On Sunday I want first to be together with our supporters".

    Look up this weekend for annual meteor shower

    The Perseid meteor shower is happening over the weekend, and at its peak viewers should be able to see 60-70 meteors per hour. If you know your constellations, look for Perseus in the northern sky, soon after sunset this time of year.
  • Roger Stone associate held in contempt in Russia probe

    Roger Stone associate held in contempt in Russia probe

    District Chief Judge Beryl Howell ruled Miller in contempt of court after he repeatedly defied subpoenas to testify under oath. Mueller has been focusing in recent months on Stone, who has had a decades-long relationship with Trump.

    Manchester United fans pleased with Paul Pogba's performance vs Leicester City

    They were trying to get it done before the World Cup but before a ball was kicked they had it done. I think football is changing and managers should be called head coaches".
    You can watch every Marvel movie in Imax this month

    You can watch every Marvel movie in Imax this month

    September 6 is reserved for a cool nod to all the fans who've helped build the MCU into the juggernaut it is: The final day will be devoted to showing the two MCU films that win Marvel's online fan poll.
  • Mnangagwa inauguration deferred after court challenge of result

    Mnangagwa inauguration deferred after court challenge of result

    There was great optimism that the elections would bring real change after the end of Robert Mugabe's 37-year rule in November. Prosecutors accuse him of fuelling illegal protests by rejecting Mr Mnangagwa's victory in the fiercely contested elections.
    Cricketer Ben Stokes accused of lying to the jury over 'homophobic abuse'

    Cricketer Ben Stokes accused of lying to the jury over 'homophobic abuse'

    Stokes said the cricketers offered Cunningham around PS60 or PS70 ($104 or $120) to get them into the club, which was turned down. Looking at security camera footage from outside the nightclub, Stokes said it was not possible to tell if he was angry.
    TMZ: NYPD Seeking Sean Young of Blade Runner

    TMZ: NYPD Seeking Sean Young of Blade Runner

    Law enforcement sources tell TMZ they were called to a commercial location in Astoria, Queens Thursday for a burglary. Sean Young attends the premiere of TNT's " The Alienist " at iPic Cinema, Jan. 16, 2018, in New York City.
  • Deadbeat Brad? Jolie says Pitt hasn’t paid his share of child support

    Deadbeat Brad? Jolie says Pitt hasn’t paid his share of child support

    Pitt's lawyers answered that Pitt actually suggested expediting the divorce in this way and had already agreed to it. Pitt's response said that a status conference that is already scheduled would serve the same objective .
    Health workers in Congo being vaccinated against Ebola

    Health workers in Congo being vaccinated against Ebola

    The total death toll has reached seven from 16 confirmed cases, the ministry said in a bulletin on Monday. It was successful during its first wide-scale usage against the previous outbreak in Equateur Province.
    Erdogan says attempts to exert economic pressure on Turkey futile

    Erdogan says attempts to exert economic pressure on Turkey futile

    A Russian government statement said the two discussed economic and trade ties, including the success of several joint projects. The Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.