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RSS FeedsVolvo´s parent company gives Lotus a new lease on life
(WorldNews China)

 
 

24 may 2017 17:54:42

 
Volvo´s parent company gives Lotus a new lease on life
(WorldNews China)
 


Chinese billionaire Li Shufu is buying Malaysia´s unprofitable automaker, Proton, pretty much for two reasons - access to 600 million consumers in Southeast Asia, and the brand cachet of Lotus Cars. Li´s Zhejiang Geely Holding Group, which also owns Volvo, announced it will buy 49.9 per cent of Proton and a 51 per cent stake in Lotus. The two parties are still in talks about transaction price for the stake in Proton, said Syed Faisal Albar, group managing director of DRB-Hicom, which is selling the stake. By investing in the Malaysian auto group, Li is betting he´ll gain an inroad into Southeast Asia, a region with an expanding middle class that the Chinese government is also investing in as...


 
3 viewsCategory: General > Asia > China
 
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