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China's Geely buying majority stake in Lotus

Geely, the Hong Kong car company that owns Volvo, is acquiring control of British car company Lotus. Geely is purchasing a 51-percent stake in Lotus from struggling Malaysian car company Proton, and a 49.9 percent stake in Proton itself. Etika Automotive will gain the other 49 percent of Lotus. France's PSA Group and Japan's Suzuki had apparently also been interested in acquiring Proton. Geely says it plans to revive both Proton and Lotus. "The agreement lays the foundation for a wider framework for both Geely Holding, Proton and Lotus to explore joint synergies in areas such as research and development, manufacturing and market presence," Geely said in a news release. Those joint synergies will be highlighted by the lightweight chassis technology Lotus is known for, which could help Geely improve fuel efficiency. Geely CFO Daniel Donghui Li said the company aims to "unleash the full potential of Lotus Cars" by expanding and accelerating new products and technologies. Proton was nationally held but was privatized in 2007 to Malaysian conglomerate DRB-Hicom, which is owned by tycoon Syed Mokhtar Al-Bukhary. It was supposed to be the flagship for Malaysia's economic development.Though it owns two factories, Proton mainly rebadges foreign-made cars and sells them in Malaysia. What it has, what Geely presumably wants, is a distribution network in Southeast Asia to pit Chinese cars against Japanese automotive dominance in the region. Retaining a 50.1-percent stake in Proton is seen as a face-saving move. "Proton will always remain a national car and a source of pride, as Proton will still have a majority hold of 50.1 percent," Malaysian finance official Johari Abdul Ghani said. "Our very own much-loved brand now has a real chance in making a comeback, a huge one I hope." Related Video:

Lotus admits its fancy London shop is a waste of money

Piccadilly in London is one of the most expensive shopping streets in the world. And right by where they filmed that awesome scene from American Werewolf in London, Lotus has a showroom. I wandered in last week. Handmade suit, posh watch, smart shoes. But the lack of interest from the sales staff made me think I was wearing a Kimi "Leave me alone I know what I'm doing" T-shirt. To the cognoscenti it's a bit confused. There is no separation between the Lotus F1 team and Lotus cars. Even though a friend at Lotus F1 once told me that the team has a closer relationship with Microsoft than it does with Lotus Cars. What makes this especially strange is that the F1 stuff is front and centre: overpriced caps, T-shirts, and team gear, with the cars playing second fiddle. Yet this is a store paid for by Cars. You have to wonder what the shop is going to sell next year when the Enstone F1 team drops the Lotus name to become Renault. But that is nothing to the wondering you start to do when you speak to the staff. On a previous visit I'd asked about the relationship between Lotus F1 and Lotus Cars, and the sales staff insisted that they were one and the same. A short time after that I spoke to Lotus CEO Jean-Marc Gales at an event where he'd been the guest speaker. He told me that moves were underway to fix the problem and that they would soon have staff in the shop that knew about the cars. So last week's return visit was depressing. In the back there is an Exige and an Elise. I asked the difference and the girl suggested that we look it up on the internet. She took a business card, I made my excuses and left. Daft really I might not have bought a car but I was seriously tempted by the GBP20 carbon fibre pen. My local dealer, Hexagon, called and mailed, but what was really telling, and bloody impressive, was the call from Hethel. I vented my disappointment with the Piccadilly store, and the Lotus man explained. And impressed. Normally you'd get some dreadful company line about how the shop wasn't for people like me, that it was all deliberate to avoid scaring people off and welcome new blood to the brand. But instead he was honest. He told me that the shop was a folly. That it was one of Dany Bahar's many expensive ideas. He signed a ten-year lease on the shop at a million pounds a year and they can't afford to run it. They did train up some good people but, as you can't pay people rural Norfolk salaries and expect them to work in Piccadilly, they left.

Lotus F1 Team Breaks World Record For Longest Truck Jump

Lotus F1 wasn't content to make just any commercial for their technology partner EMC Industries. It had to be one for the record books. The video released over the weekend shows a truck breaking the world record for longest jump ever completed by a truck. The stunt was obviously geared towards publicity, but while they were at it, they set a Guinness World Record for the longest truck jump at 83 feet, 7 inches. The previous record, according to Guinness, stood at 50 feet, 6 inches, and was set on MTV's Nitro Circus on November 17, 2008, by Gregg Godfrey at Rocky Mountain Raceway in Salt Lake City. That record stood for six years, but (as best we can tell) was set without the trailer attached, or the F1 car tracking underneath - which only makes this latest stunt that much more impressive. Stunt driver Mike Ryan planned the jump and drove the truck off the ramp and over fellow stunt driver Martin Ivanov as he sped underneath in a Lotus F1 race car. And just so you know no CGI was involved, EMC industries included a making of video on their website.