A famous British brand rescued by a Chinese carmaker has decent prospects
capriciousness once led frustrated owners to propose that Lotus was an acronym for “Lots of trouble, usually serious”. The cars are now reliable, but the accusation could be levelled at the firm, whose 72-year history is of elusive profits and periodic threats of bankruptcy. Yet just as petrolheads put a reputation for sobriety aside to own a brand burnished by past racing glory so too has Geely, a privately owned Chinese carmaker, which acquired a controlling stake in 2017.
Geely might succeed where others have failed because it comes with financial backing, and a track record of expanding abroad and turning round struggling car firms. In the decade since it acquired Volvo the Swedish firm has thrived. Since taking over the company that manufactures London Taxis in 2013 it has developed a smooth-driving electric black cab that has cleaned up London’s air by reducing emissions and improving the mood of tetchy cabbies.
The relationship should benefit both sides. The British firm can piggyback on Geely’s investment by outsourcing the development of a new platform, the basic underpinning of a car, and the costs of electrifying all future models. Geely can tap British expertise in aerodynamics and building light vehicles, important for keeping down the tonnage of electric cars with hefty batteries.
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