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Geely not planning more automotive deals

Li Shufu, the founder and owner of China’s Geely, has no plans to buy further stakes in carmakers after investing almost 10 per cent in Germany’s Daimler, he told German newspaper, Bild am Sonntag.

Li Shufu

“Currently we have no plans for further purchases. We will concentrate for now on the development of existing holdings. There are many ideas, and there is much to do,” said Li.

Since 2010, when he took over Swedish car brand Volvo from Ford Motor Co in a $1.8 billion deal, Li has led a major acquirement push.

Li’s purchase of $9 billion stake in Daimler, unveiled last week, ignited fears in Germany of its industrial expertise falling into Chinese hands.

When asked by Bild am Sonntag about those concerns, Li said that his focus was on future technology.

“For me, it’s not about available technology but what is coming in the future. Or to put it another way, I would like a slice of a cake that is bigger than the cake of today,” he said.

When asked if Geely and Daimler could work together on electric cars, Li said he was keen to cooperate on various areas.

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Two new Lotus sports cars by 2020

Lotus has announced the first two cars since becoming a subsidiary of Chinese company Geely.  

In an interview with UK’s CAR Magazine, Lotus chief executive Jean-Marc Gales said one of the sports cars will serve as a replacement for an existing model, while the second will be a limited-run track-focused flagship.

The cheaper of the two will be based on an evolution of Lotus’s current bonded aluminium tub.

‘It’s still a benchmark for lightweight, crash resistance and longevity,’ Gales said.

The other new car will use a new carbon-fibre tub and will take on the role of performance flagship in the absence of the 3-11, which ends production this year.

Gales promised that the new models would be “absolutely stunning and gorgeous, in terms of design and aerodynamics,” as well as more practical without “corrupting the fundamental character.”

The two cars will also utilise technology and suppliers from the Geely portfolio, such as a “state-of-the-art” electrical architecture instead of the current electrical wiring harnesses.

However, he did not give much away on the company’s upcoming SUV, only confirming that Lotus is expanding its workforce in order to handle the upcoming increased production. 

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