Geely Plans to Inject US$1.9 billion to Revive Lotus
The iconic brand that was featured in James Bond movies—like “The Spy Who Loved Me” in 1977 and its Lotus Espirit S1 and the Lotus Espirit Turbo appearing in “For Your Eyes Only” in 1981—is getting some injection of moolah from its owners Zhejiang Geely Holding Group Co Ltd.
The Group, which also owns Volvo Car Group and the Malaysian car company, Proton, aims to revive the car brand after sluggish sales and decades of being in the doldrums. The injection of this huge amount is in line with billionaire Li Shufu’s big plans to take Geely to the forefront, rivalling the likes of Volkswagen and Toyota.
The first phase of this would be an expansion of Lotus’s Hethel plant with the hiring of 200 engineers. It plans to later set up a second factory in the UK as well as a new design and innovation centre possibly in Coventry.
The aim is to build the Lotus name as a luxury nameplate similar to Porsche and Ferrari.
With an overflowing war chest, Lotus has a chance of returning to pioneering and redefining technology.