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Geely expects high of Proton and Lotus after acquisition
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ZHEJIANG Geely Holding Group announced today that it has signed a final contract with DRB-HICOM of Malaysia, acquiring 49.9 percent shares of Malaysian automaker Proton and 51 percent shares of UK carmaker Lotus.
Zhejiang Geely Holding Group said the acquisition is expected to be completed in three months. The company said that it will form a core management team recruited from a pool of global candidates to ensure the smooth operation of Proton.
“Our partnership will enable Proton to become the industry leader in Malaysia and a top three brand in Southeast Asia. We will also continue to expand Lotus’ product portfolio and increase production,” said Li Shufu, chairman of Zhejiang Geely Holding Group.
Li added that the partnership will help Geely to reach the sales target of 3 million units by 2020.
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