Proton and its subsidiary, Lotus Group, have signed a joint venture agreement with Goldstar Heavy Industrial for a planned business expansion of Lotus cars for the China market.
The partnership aims to speed up the development of Lotus cars in the premium sports industry in China.
Abdul Harith Abdullah, chief executive officer of Proton said that the the JV agreement seeks to establish JV company for the purpose of undertaking research and development (R&D) activities in the use of efficient and advanced technology. The JV was inked by Proton chairman Mahathir Mohamad, Lotus Group chief executive officer Jean-Marc Gales and Goldstar chairman Zheng Qianghu.
“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 the People’s Republic of China,” Abdul said. A+M has reached out to Proton for marketing plans for Lotus in China.
He added that Lotus is ready to expand into the automotive market in China and seek available opportunities.
“In light of the keen interest shown by the many enquiries received thus far. It is very difficult to ignore the market and Lotus will fill the gap in providing a lifestyle alternative to the growing demands of the affluent and market conscious local community,” Abdul added.
Gales said,”China has appeared to be the top key growth market for Lotus exports and is expected to grow at a very fast rate. Lotus Group is excited about the opportunities of this new Joint Venture.”