China’s largest privately-owned automotive group, Zhejiang Geely Holding Group (Geely Holding) has completed a takeover of British sports car marque, Lotus.
Geely Holdings, which owns Volvo Cars amongst others, has wasted no time in taking control of its new acquisition, establishing a new board of directors, comprising five seats in total – three appointed by Geely Holding and two by Etika.
The new Chairman of the Board is Daniel Donghui Li, Geely’s Executive Vice President and Chief Financial Officer. Fellow Geely Holding executives Feng Qing Feng and Nathan Yu Ning have also joined the board.
Etika Automotive has appointed just one board member, Dato’ Sharil Tarmizi. Etika’s second appointment will be made in due course.
Incumbent Lotus CEO, Jean-Marc Gales will continue in his role, a position he has held since 2014.
“With the transaction completion we now look forward to working with our partners to develop the Lotus brand into a globally competitive brand and a well recognised leader in the sports car market,” said newly-appointed chairman Mr. Donghui Li. “We are extremely confident that Lotus will go above and beyond the expectations of the automotive industry and consumer base in the near future.”
Geely Holding also recently acquired a 49.9 per cent stake on Lotus’s parent company Proton Group. That newly-formed partnership also has a new board structure with Dr. Li Chun Rong appointed as CEO, effective October 1.
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