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Blake Larson
Blake Larson
2017-05-29 12:33:56
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2016-12-15 12:00:52
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Blake Larson
2016-09-26 18:54:49
Who’s Your Daddy: Lotus Could Gain a New Parent Company as Proton Looks for Partners Lotus is waiting to see whose car pulls up to the orphanage, now that its parent company’s owners are looking for someone to take Proton off its hands. The struggling Malaysian automaker, which bought a majority stake in Lotus in 1996, is being courted by at least three major automakers, Reuters reports. Proton is controlled by Malaysian conglomerate DRB-Hicom, which bought a majority share in the automaker in 2012. Since then, Proton hasn’t been able to turn itself around. Uncompetitive vehicles prompted year-over year financial losses, forcing the Malaysian government to prop up the flagging company with a $365 million cash injection in April. DRB posted a $198 million pre-tax loss last year, mainly due to Proton’s poor sales. Reuters reports that Proton went looking for a suitor earlier this year, issuing 20 partnership letters to would-be parent companies. So far, the automaker has heard back from three. Suzuki Motor Corp., Renault SA, and PSA, maker of Citroën and Peugeot vehicles, have responded. Proton’s proposal to those automakers isn’t known. The automaker wants another company to buy a stake, but we don’t know what size. Proton owns two under-utilized assembly facilities that would sweeten the pot for an automaker looking to expand its manufacturing footprint in southeast Asia. Meanwhile, DRB hasn’t ruled out selling its controlling stake, or offloading Lotus to a willing buyer. The famed British sportscar maker is in the midst of a financial turnaround, and could balance its books by next year.
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2016-09-26 18:35:22
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Uki Soma > Blake Larson
2016-09-23 17:50:32
Hi, Blake! We are having fun as usual, will you come? 😉
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