Geely is mulling a huge USD 1.9 Billion investment plan to revive the Lotus brand.
Bloomberg reports, quoting sources familiar with the matter, that the investment plan is part of Geely’s efforts to revive the iconic British into a premium automaker that can rival the likes of Porsche and Ferrari. Funds will reportedly go towards growing the company’s technical workforce and establishing new design and production facilities.
The proposal’s initial phase involves expansion of the Hethel plant by hiring 200 new engineers.
The second phase involves establishing a research and design centre based in Coventry, which Geely has reportedly committed to two months ago. The plan finally involves establishing a second production facility in the U.K., tentatively in the West Midlands region.
Bloomberg also reports that Geely is in talks to increase its 51 percent controlling stake in Lotus Cars, which was acquired through its 49.9 percent purchase of Proton Holdings last year.
Recently, Geely appointed Feng Qingfeng, vice president and chief technical officer of Geely Auto Group as the new CEO of Lotus – succeeding Jean-Marc Gales.