Chinese automotive giant Zhejiang Geely Holding has confirmed that it will buy a 49,9 percent stake in Proton from the brand’s current owners, as well as a 51 percent share of Lotus from Proton.
Geely, which also owns Volvo Cars and Lynk & Co, will purchase Proton from Malaysia’s DRB-Hicom in a deal that is subject to regulatory approval. The news comes after apparent interest from other automakers, including the PSA Group, Renault and Suzuki.
“The agreement lays the foundation for a wider framework for both Geely Holding, Proton and Lotus to explore joint synergies in areas such as research and development, manufacturing and market presence,” Geely said in the statement.
Geely’s chief financial officer, Daniel Donghui Li, added that the Chinese automaker planned to “unleash the full potential of Lotus Cars and bring it into a new phase of development by expanding and accelerating the rolling out of new products and technologies”.
Malaysia’s second finance minister, Johari Abdul Ghani, added his comments at a press conference, according to Automotive News.
“Proton will always remain a national car and a source of pride, as Proton will still have a majority hold of 50,1 percent. Our very own much-loved brand now has a real chance in making a comeback … a huge one, I hope.”
