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| File photo of a Lotus Evora 400. Proton, Lotus and Goldstar have signed an agreement on the sale of Lotus cars in China. — AFP pic |
KUALA LUMPUR, April 17 — Proton Holdings Bhd, the holding company of Lotus Group, has signed a joint venture (JV) agreement with Lotus Group International Ltd, United Kingdom and Goldstar Heavy Industrial Co Ltd, for a possible business expansion of Lotus cars in China.
The collaboration seeks to accelerate the development of Lotus cars in the premium sports segment in China, leveraging on the incentives offered by the Fujian Provincial Government.
Both Proton and Lotus Group are subsidiaries of DRB-HICOM Bhd.
According to a statement by Proton today, signing on behalf of Proton was its chairman Tun Dr Mahathir Mohamad, and Lotus Group was represented by its Chief Executive Officer, Jean-Marc Gales.
Signing on behalf of Goldstar was its chairman, Zheng Qianghui.
Proton chief executive officer Datuk Abdul Harith Abdullah said the agreement would see the establishment of a new JV Company for the purpose of undertaking research and development (R&D) activities in the use of efficient and advanced technology.
The JV Company will then produce and sell Lotus branded passenger cars, as well as provide after sales services in connection with its products in China.
“Lotus announced a 55 per cent increase in car sales for its 2014/15 financial year, compared to the previous year with 36 new dealers appointed in 2014/15.
“China has appeared as the top key growth market for Lotus exports and is expected to grow at a very fast rate,” Jean-Marc Gales said.
Lotus will continue to manufacture its current range of Lotus sports cars (Evora, Exige and Elise) exclusively at its headquarters in Hethel, England.
Meanwhile, in a filing to Bursa Malaysia, DRB-HICOM said the JV company will be named Goldstar Lotus Automobile Co Ltd.
Proton Group and Goldstar will each hold 50 per cent of its registered capital.
Based on the mutually agreed initial business plan from 2015 to 2030, the companies expect the total investment sum to be 10 billion yuan (RM5.84 billion). — Bernama
Source: The Malay Mail Online - Malaysia
http://www.themalaymailonline.com/money/article/proton-lotus-and-goldstar-ink-deal-for-lotus-venture-into-china-auto-market
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