British sports car maker Lotus bought by Volvo owner Geely as part of Proton deal

 
Caitlin Morrison
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James Bond's Lotus From The Spy Who Loved Me Set To be Auctioned
James Bond drove this Lotus in The Spy Whoe Loved Me (Source: Getty)

China's Geely, the parent company of Volvo, has bought a 51 per cent stake in British car maker Lotus for an undisclosed amount.

Geely was previously reported to have backed away from a potential deal for Lotus' owner, the Malaysian car firm Proton.

The company is buying into Lotus as part of its deal to purchase 49.9 per cent of Proton, which owns the British brand, from conglomerate DRB-HICOM.

"Proton will always remain a national car and a source of pride, as Proton will still have a majority holding of 50.1 percent," Malaysia's Second Finance Minister Johari Abdul Ghani said at a news conference to announce the deal.

"Our very own much-loved brand now has a real chance in making a comeback, a huge one I hope."

Lotus has been owned by Proton since 1996 and has previously been in the crosshairs of both Geely and French car manufacturer, PSA, as a possible acquisition target.

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