The British performance-car brand Lotus has been merged into one company after Lotus Technology acquired 100% of equity interests in U.K.-based Lotus Advance Technologies.
Lotus, which started building performance vehicles at its historic headquarters in Hethel, Norfolk, 78 years ago, said the merger brings together the brand's engineering and manufacturing capabilities with next-generation electrified mobility intelligent vehicle technologies together under a single corporate structure, its Aug. 25 release stated.
The unified company, majority owned by China’s Zhejiang Geely Holding Group, with Malaysia’s Etika Automotive retaining a significant stake, is hoping to cut costs across research and development, supply chain, manufacturing and global sales channels.
“Lotus is one brand and one strategy, and from today, it is one business,” said Qingfeng Feng, CEO of Lotus Tech.
“This is an important step in advancing our Focus 2030 strategy and embarking on the next chapter of Lotus’ global revitalization,” he added.
