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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 cars to be 'Made in China' at new Geely plant, according to documents

BEIJING/SHANGHAI — The Chinese owner of Lotus plans to start producing the British sports car brand in China for the first time with the opening of a new 9 billion yuan ($1.3 billion) factory in Wuhan city, company job advertisements and government documents showed. The previously unreported plans are Zhejiang Geely Holding Group's first move to shake up the British brand since its purchase of a majority stake in 2017. The move is in line with Geely's ambitions to build more up-market cars and throw off its reputation for copycat designs and shoddy quality. For Lotus, it could mean greater production volumes and new models such as SUVs to boost sales. "For Geely, going high-end can help it take more market share," said Alan Kang, Shanghai based analyst at LMC Automotive. "Geely needs to do that to better compete with global brands." Lotus cars are currently built in Norfolk, England. Geely and Lotus said in a joint statement that while Norfolk was Lotus's manufacturing home, a key part of the firm's strategy to revive the brand was expanding the brand's manufacturing footprint globally. "Details on additional locations and models will be confirmed in due course," the company said in an e-mail to Reuters. The planning authority of Hubei province, whose capital is Wuhan, last month approved Geely's plans for the plant. The factory will be able to manufacture 150,000 cars annually, according to a document posted on the authority's website. The Wuhan Development Zone, where the factory will be based, said in a statement posted on its website last month that production at the plant would include "Geely's Lotus project". The Wuhan Development Zone did not respond to Reuters' request for comment. The documents did not say when the plant would start operations. The facility is approved to build all-electric battery cars, electric hybrids as well as combustion engine cars like Lotuses. Job advertisements on Geely's website show the automaker is looking to fill at least 20 Wuhan-based roles for the Lotus project. LUXURY AMBITIONS While is not clear what portion of the new Chinese production line would be devoted to the British brand, greater production volumes would be consistent with Geely's stated ambition to grow the market for Lotus by broadening its line-up. Geely sold only 1,630 Lotuses globally in 2018. Lotus currently produces models such as the Evora and Elise.

Jay Leno goes old school with 1966 Lotus Elan 26R

On the latest episode of Jay Leno's Garage the guest's are both from inside the garage: the man they call Professor Jim Hall, Leno's master fabricator, and the 1966 Lotus 26R that he spent 18 months building. The Elan 26R was the racing version of the Elan that Lotus founder Colin Chapman began building after watching privateer teams prep their roadgoing Elans for competition duty all over Europe. Built by the factory from 1964-1966, drivers like Jim Clark and Jackie Stewart won silverware in the roadster called "the giant killer."
Hall, a veteran Lotus wrench, started with the 1966 Elan street car and turned it into a 26R that's arguably better than the factory original. Except for the engine block and head, original 26R body and Elan chassis, just about everything is custom built, highly modified or special order, from the fabricated oil pan, brake lines, safety wiring and oval exhaust tubing to the six-speed sequential transmission.
The episode is an unusually-long 21 minutes because, as an in-house build, Leno can go through the process of putting the whole roadster together. When he takes it for a drive and keeps going on about how it sings, you can hear it, too. It's worth the time to check out Mr. Hall's Opus in the video below.