Lotus Group International, owned by Malaysian automaker Proton Holdings (DRB-Hicom) and China’s Goldstar Heavy Industrial, have agreed to set up a new joint venture company in China to localise production of Lotus cars and “develop the use of efficient and advanced technology”.
Lotus Group already has a vehicle distribution partnership in China with Goldstar Heavy Industrial Company.
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The new joint venture company, to be called Goldstar Lotus Automobile, will produce and sell Lotus brand cars and provide after sales services in China. It will be 50% owned by Proton Group and 50% by Goldstar.
A total of CNY10bn (US$1.61bn) is to be invested in the company by 2030, according to the terms of the joint venture agreement.
