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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:

Volvo announces design updates for XC40 Recharge and single-motor C40

Volvo announced a round of updates to the electric members of its portfolio. It gave the XC40 Recharge a subtle mid-cycle update that brings a new-look front end, among other changes, and it unveiled an entry-level version of the C40 Recharge with one electric motor. It takes a well-trained eye to differentiate the updated XC40 Recharge from the model that's currently in showrooms. Look closely and you'll notice that the lower part of the front bumper is more chiseled, the Thor's Hammer accents in the headlights are more, well, hammer-like, and the body-colored insert that replaces the gasoline-burning model's grille loses its frame. These changes bring the battery-powered crossover in line with the C40 Recharge and with the non-Recharge version of the XC40, which received the nip-and-tucked front bumper in November 2021. Volvo also notes that buyers will also have new upholstery choices, exterior colors, and wheel designs to choose from. XC40 Recharge models also gain pixel LED lighting technology. This system relies on individually-controlled LED elements to illuminate the road ahead without blinding other motorists; in a way, it occupies a middle ground between high and low beams. While this technology has been illegal here for many years, the NHTSA finished making the rules for adaptive headlights in February 2022 so they're on their way. Moving on to the C40 Recharge, a front-wheel-drive version with a single electric motor is now available in some markets as a cheaper alternative to the dual-motor all-wheel-drive model. It's fitted with a 69-kilowatt-hour lithium-ion battery pack, and it offers a maximum driving range of about 270 miles on the relatively optimistic European testing cycle. Volvo notes that charging the pack from 10% to 80% takes about 32 minutes when it draws electricity from a fast charger, but the firm hasn't provided technical specifications (like horsepower). For context, the existing dual-motor C40 Recharge is equipped with a 78-kilowatt-hour battery and its powertrain is rated at 402 horsepower and 487 pound-feet of torque. Its EPA-estimated driving range checks in at 225 miles, and it tips the scale at approximately 4,740 pounds. Volvo also restructured the trim level hierarchy in a bid to reduce complexity and make it easier for buyers to configure a car. Pricing for the updated 40-Series models hasn't been released yet, and neither car has been announced for the American market yet.

Current Volvo XC90 to live on in China?

The current, long-serving Volvo XC90 might not be going away as soon as we thought - at least not in China. According to word from CarNewsChina, the crossover's production will be moved to Daqing, China, in December and from that point on, be built at Geely's factory. The only available engine will be a 2.5-liter turbocharged five-cylinder.
According to the report, the present XC90 and the imminent next-generation model will both be sold in the market, but the Chinese-made vehicle will be positioned as a cheaper alternative. Geely will also develop a crossover of its own from the platform that should be ready in late 2015.
Volvo plans to launch the new XC90 later this year to replace the aging model, which has been on the market for over a decade. It will ride on the company's new Scaleable Product Architecture platform and will be powered by the automaker's new Drive-E four-cylinder engine family. Hybrid versions will also be available.