The Zhejiang Geely Holding (ZGH) Group has completed the transaction for a majority stake in previously-Proton-owned sports car maker Lotus, and now holds a 51% stake in the company, while 49% is held by Malaysian automotive group Etika Automotive.
Lotus’ board of directors has thus now been formally established, with the majority/minority proportions reflected in the composition of the five seats: three are appointed by Geely Holding, while the remaining two are appointed by Etika Automotive.
Chairman of the board at Lotus is now Daniel Donghui Li, who is executive vice president and chief financial officer at Geely. Also joining the board at Lotus are Feng Qing Feng, Geely Auto vice president and Nathan Yu Ning, Geely Holding vice president of international business and executive advisor to the president.
From the Etika side, the Lotus board will be joined by Datuk Sharil Tarmizi, senior advisor at investment advisory firm Quantephi and a “long-term supporter of technology companies.” Sharil was also the chairman and chief executive officer of the Malaysian Communications and Multimedia Commission (MCMC) from 2011 to 2014. Etika will announce the remaining member of the board ‘in due course’, according to Lotus.
CEO Jean-Marc Gales (left)
The role of chief executive officer at Lotus will remain with Jean-Marc Gales, who has held the post since joining the company in 2014. Under his stewardship, the sports car maker posted positive cash flow for the first time in 40 years, with Gales having set out to stabilise finances and grow its model line-up.
“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. We are extremely confident that Lotus will go above and beyond the expectations of the automotive industry and consumer base in the near future,” said chairman of the board Li.
With Lotus’ books now trading the red ink for black, it would appear that Li’s confidence for progress is substantiated, certainly when compared with an earlier failed attempt to launch five big-league models in five years.
Looking to sell your car? Sell it with Carro.
See how clever China is. They paid only RM170 mil for 49.9% of Proton and they got all this.
Deal of the year!!!!!
The best deal is in getting a new CEO
Yup, and getting rid of Nasi Lemak management
nasi lemak also nice but not healthy
Mula mmg sedap, lepas tu diabetic
Kuih bulan also nice but not healthy
BKT lagi unhealthy
Aiyoo Proton, please open your eyes. Your CEO and Board of Directors including our super intelligent Menteri think Proton is so valuable and precious. Let me tell you one thing, Proton is nothing to China and Geely. Not only the cars are nothing to Geely, the plant also is nothing to Geely.
All Geely wanted is Proton’s gem…the diamond…Lotus. Lotus is the gem with the International British name.
But our business super brains at Proton could not see this. They think Geely loves Proton so much and loves the rakyat of Malaysia so much.
Hello, pakai hotak sikit. Proton is nothing in world market. Proton plant also is nothing. Geely has BILLIONS of cash reserve that they can set up an ASEAN plant and regional network in Thailand overnight!. They can buy Volvo with just cash, they can buy any car plant in Thailand with cash overnight.
And we all know, car Thai plant is more productive and super efficient. For example, Mitsubishi in Thailand has 6000 workers but they can produce 320,000 cars per annum. Our Proton plant has 12,000 workers but can only produce 60,000 cars per annum
So, do you think Geely has got love for Proton plant or Malaysia? In the history of Malaysia, from Paramesawara to the Portugis and to the Dutch, people come to Malaysia for an ulterior reason. They want the hidden jewel. But the then people of Malaysia syiok sendiri also thinking they (Mat Salleh) wanted to do business with us and how great we were.
But our bodohs running our country and businesses cannot see that. They just syiok sendiri and just want to feel good NOW and quickly sign anything over so long as got immediate gratification. Bodoh businessman cannot see 10 steps ahead nor 10 years ahead.
Last time basher said p1 lotus syiok sendiri handling. Now said lotus is gdm pulak. Mana satu ni?
Really? Which of ur fantasy dream that converted Rm470mil to 170mil?
ha ha ha. Always in denial. That is why Proton has taken RM15 bil the past 20 yrs and still sucking more money from the rakyat.
Geely made a good deal buying Proton for peanuts
I’m getting as much like as u are. U know why?
Nope. Humour me.
Well, if u consider Rm470mil as peanuts…
Totally agree with you bro,
We had suffered more than 30 years for putting up with a sick and not innovative Proton
This had cos high excise and import duties on other makes to be expensive at the expense to get rakyat to buy their lousy and low quality Proton car
Hope Geely can get rid of the those low quality parts Vendors and put Proton back with better and high quality including elegance look
proton have no loyal customer lah, it can sell because poor malaysian no choice only!! just throw away proton and rename, create another brand is less cost than rebranding the lousy stupid proton brand. (Proton = lousy car) this is the perception!
Pls tell us openly how much the CEO of Lotus have been earning since 2011?
The company was losing money until last year. Can you tell us the 7 figure salary package he was earning every month?
7 figures wor! Lose money also CEO can be paid so much. He should have taken a pay cut
This is Proton style. Company lose money also, still BOD get big fat salary with no pay cut
It is loan not free
Have they paid?
Geely completed the transaction, implying that they paid as stipulated in purchase agreement.
Now, unless u have PROOF of non-payment…
Geely sold Boyue platform to P1 RM300 millions…
Is this the same john that says Malaysia got the cheapest cars and cheapest petrol in the world?
remember the rover days… BMW bought for 1EUR … did one new rover 75… sold off for 1EUR and gain an iconic Mini brand…
I’m smelling the same shit, after one off Boyue, Geely ditch Proton and keep the iconic Lotus.
Proton will be left to rot.
You are spot on. But abang2 too stupid to see that. Want quick gains.
If no partner you bising, if have partner you say will be ditched pulak
Ditch cronies & deadwoods so P1 no problem.
Ditching the NL CEO is the first sign
Ditch bashers with fake news also no problem
Hopefully this is the case, then we can merdeka and stop penjajahan
Geely has bigger long term plans for P1. Whitemen only wants quick profits. Deswai P1 was wise not to choose VW.
Definitely bro. Spot on. Thats how stupid proton nowadays. Dooms day is near for them.
Correcting all the incorrect from the past. Lesson learned. Some people still tidur and making a lot of fuss. Continue sleeping and more money gone into the drain.
Proton is the final loser in the end. Geely already got what they wanted. Lotus.
DRB also got the RM5 billion land in Shah Alam from Proton.
Now, Proton left with nothing
Geely made USD 30 billion in Profits in 2016. That is RM150 billion.
So, they don’t mind throwing Proton into the tong sampah. Just RM170 million lost.
Should have throw Proton into tong sampah a long time ago to avoid the lost
Din u say Lotus is not a famous brand? So why wud Geely want Lotus?
Only Lotus not Proton. Proton can go into tong sampah nobody cares
I dont see any mention that Lotus is not a famous brand.
Pls read. Did i mention P1? Nope. So if Lotus was not a well-known brand like u claim in previous article, why Geely so hardup to buy it?
Only you said that
remember the same bodohs who sold MV aguta for 1 Euro? Well, here are the same bodohs who sold Proton and Lotus for so little money.
Proton, pls get some clever people to run your company. Your land alone in Shah Alam worth RM5 billion already hilang to DRB. Proton has COMPLETELY lost the land to DRB
Now, you lose Lotus also
If they are clever, they will not need the Chinese to take over right?
Local beggars can’t be choosers.
Cukuuuur Chinese holding torch now.
Basher said before beggar cant choose.
High time PT filter out these fake names. Pls do a IP lock from creating multiple new users.
Bruh john, create your own carsite and dictate to your whims. than goin bitchy here complaining of phantom voters…Oh waiii
Pls read what I said. I din complain of the news or articles or writers like some bashers. Just only the cave pipu using this site.
Im all for only registered users allowing to comment. Does multidupe basher take up my challenge?
Also time to ban those who like to up vote themselves multiple times creating fake impressions
then you will kena kantoi cause your notakata, basherlogic and so many other dupes will be found out
Pls use that large organ up there. If i did use dupes, do u think i will make that request?
be a man and dont act like a sissy here. Make your own site if you know better.
If u wanna bring politics and gov bashing into this site, then u got the wrong place, bro.
Me and other level headed readers here wun allow ur ilk to hijack this site. Go back to Mkini if u so wish to carry out ur schemes. Ur bollocks shall not pass here.
Drb hicom assets strip shah alam plant, 51% of lotus and land bank in tanjung malim for their own purpose. Then, they assets strip 51% of lotus from drb hicom into some private company. Geely paid for the 49% tanjung malim plant only and brand name only plus the distribution and 49% of lotus.
I wonder how much they paid the private company for the 2% to make it majority geely owned lotus?
Perhaps you should read up on the deal, like how much was paid for PROTON and how much, separately, was paid for Lotus.
To continue selling. Must protek Tongkat & dedak policies at all costs. Fancy plates…oh wai
wait till Proton tells Geely that they must use all the vendors and suppliers that have been cheating Proton the past 30 yrs.
One thing for sure, can’t cheat using Proton wing mirror on Lotus anymore. Lolz!
Who cares, sport is sport car, a normal sedan still cannot overtake it
Lotus Cars, the mockingjay has risen!
Welcome Lotus! Volvo Geely 》All
Gud, hopefully under the Chinese, Lotus will blossom unlike those times under Proton where they are sleeping
For once, you got it right. Sleeping is the GLC culture in Malaysia. Tidur oh tidur
Speaking from personal experience, eh? Stop daydreaming and work harder.
I see you tidur coz giving comments here during office hour.
Cant blame P1. All those times they were under remote control by a certain ‘someone’
Ya, blame others except yourself. Typical P1 culture
Typical jepunis culture: take action only after being sued
Better than Proton taking NO action after people complaint
Complaints issue havent kill anybody yet, unlike ur Takata.
Exora not ah?
Sun shiney weekend in UK…Yeeehahah
In next decade when autonomous vehicle is commonplace, the differentiator will be the top end. Hyper cars.
Both Proton and Lotus will RISE because they are no longer under incompetent cronies and muds.
Proton 51% under DRB. Ooops
Learn the power of capital
Does this mean I can buy a Lotus for below RM 100k? If no, wtf is all the shit about?
Lotus > Volvo > Genesis.
You must aim for: people want to buy Lotus because it is desirable, not because it is cheaper.
How to further elevate your status and image? become champions in many racings, conquering Ferrari, Aston Martin and Mercedes, make yourself appear in James Bond for instance, make your unique points outstanding & prominent, become the fastest and lightness hypercar that can be lifted by Vin Diesel using one hand, offering VVIP class of aftersales service better than Rolls Royce, flying mechanics/technicians and advertise this, be innovative making things that even Ferrari does not offer etc etc. Think, think, and think.
And, every single Lotus has to be a real pure breed Lotus with 100% Lotus DNA and made in England. This itself is a desirability.
I dun think so coz the previous wing mirror says made in Malaysia
Jepunis cars are lesser desirable nowadays.
I see many butt hurt comment for the past 2-3 articles..lol
Yay good news! Lotus no more sharing same side mirror with Proton Saga!
But Lotus has never shared side mirrors with any Saga. So why…
Hoi lotus, gip back my mirror!
Neither did Lotus shared wing mirrors with Gen2.
Gud news indeed
Lotus never shared wing mirrors with any Saga generations.
Realized 5 years Danny Bahar turnaround planed materialized.
Proton or lotus, I dont really care because I only drive Ferrari.
Chiao!
..said myvi driver with ferrari stickers and badges
Chiao!