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ARTICLE · 08 JUNE 2017

Lotus Saved By Chinese Firm Geely

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Lotus, famous for F1 success decades ago and James Bond's underwater Esprit - driven by the sadly departed Roger Moore - has been taken over by the Chinese firm Geely.

GlobalTransport
Stuart Young
Stuart Young
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Lotus, famous for F1 success decades ago and James Bond's underwater Esprit - driven by the sadly departed Roger Moore - has been taken over by the Chinese firm Geely.

The Geely holding company, which owns the carmakers Geely, Volvo and the London Taxi Company, will take a 51% stake in the struggling sports car firm, and a 49% stake in Proton, which via DRB-Hicom owns Lotus.

Lotus is essentially two companies in one: a highly successful engineering consultancy firm which has great expertise in composites and lightweight materials, and a perennially loss-making sports car maker. Lotus made a loss of £28m in the 12 months ending on in March 2016, with sales down by 240 units to just over 1500 cars.

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