Geely Holding now owns a majority stake of 51 percent in Lotus Advance Technologies Sdn Bhd (Lotus) with a minority 49 percent being held by Etika Automotive (Etika), a Malaysian automotive group.
With the transaction completed, the board of directors for Lotus has been formally established, consisting of five seats of which three are appointed by Geely Holding and two are appointed by Etika.
Under this structure, Geely Holding has appointed Daniel Donghui Li, its executive vice president and chief financial officer, as chairman of the Lotus board. Feng Qing Feng, Geely Auto vice president and chief technology officer, and Nathan Yu Ning, vice president of international business and executive adviser to the president at Geely Holding, also will join the board.
Etika have appointed Sharil Tarmizi, a corporate consultant and a long term supporter of technology companies to the Lotus board and will announce a further addition to the board soon.
Jean-Marc Gales will continue in his role at Lotus as the CEO since joining the company in 2014.
In the first half of 2017, Lotus has already entered into a positive cash flow situation, reporting sales rising by 10 percent in the first half in year on year comparison. With the introduction of new models over the course of this year, including the introduction of the fastest Lotus ever made – the Evora GT430 – and with further expansion into the U.S. and Chinese markets, Geely Holdings is confident that Lotus will excel.
“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-recognized leader in the sports car market,” said 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.”
“Following a successful business turnaround, the Lotus brand has never been in a stronger position and we are now perfectly positioned for growth,” Gales said. “We are producing the best cars in the company’s history and are currently developing the next generation of sports luxury vehicles which will continue to demonstrate the Lotus brand values of class-leading vehicle dynamics, lightweighting, styling and aerodynamics by leveraging Geely Holding’s global strengths and resources.”