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Geely buys stake in Proton, takes 51% of Lotus


Volvo parent company Geely has acquired a 49.9% stake in struggling Malaysian automaker Proton, as well as 51% of British lightweight sports car manufacturer, Lotus.

Aside from its purchase of the Swedish marque from Ford in 2010, Geely currently produces models under its own name, bought the remains of the London Taxi Company in 2013 and launched its upscale Lynk & Co. division last year.

The announcement also sees Lotus put under new ownership for the fifth time since being founded by Colin Chapman in 1952, after previously belonging to General Motors, Bugatti and then Proton.

"Geely is full of confidence for the future of Proton, we will fully respect the brands history and culture to restore Proton to its former glory," Geely Holding's Chief Financial Officer, Daniel Li, was quoted by CNBC as saying.

No financial details were however revealed.

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