Andoniscars.com

Confirmed!

• Geely Holding and Etika Automotive Announce Joint Board • Mr. Daniel Donghui Li appointed Chairman of Lotus Board • Mr. Jean-Marc Gales to continue in his role as CEO September 29th, Kuala Lumpur. Zhejiang Geely Holding Group (Geely Holding) today completed the transaction to purchase a majority stake in the British luxury sports brand Lotus.  Geely Holding now owns a majority stake of 51% in Lotus Advance Technologies Sdn Bhd (Lotus) with a minority 49% being held by Etika Automotive (Etika), a Malaysian automotive group. Company Structure 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 Geely Holding’s Executive Vice President and Chief Financial Officer, Mr. Daniel Donghui Li as Chairman of the Lotus Board. Mr. Feng Qing Feng, Geely Auto Vice Presi...

Volvo Cars, the premium car maker, is planning to set up a new joint venture technology company with Geely Holding, the Chinese car group, to share existing and future technology, deepen industrial synergies and provide the economies of scale that will allow them to more rapidly develop next generation electrified vehicle technology. According to a Memorandum of Understanding signed today, Volvo Cars, Geely Auto and LYNK & CO will share vehicle architecture and engine technologies via cross licensing arrangements of technologies managed by the new joint venture. They will also cooperate more deeply by commonly sourcing components and cutting procurement costs. Volvo Cars, Geely Auto and LYNK & CO are controlled by Geely Holding, the Chinese car group. The new joint venture will be 50/50 owned by Volvo Cars and Geely Holding and be headquartered in China with a subsidiary in Gothenburg, Sweden. “Partnerships to share know-how and technologies are common practice i...