Malaysian automaker Zhejiang Geely, which is also the owner of Volvo, is bidding for a majority stake in the Chinese car maker Proton Holdings, which owns UK sports car firm Lotus, say sources. Proton is a source of national pride in Malaysia so a sale would underscore China's growing economic clout in the country, says Zhang Baohui of Hong Kong's Lingnan University. "China is certainly gaining influence over Malaysia. Its money is motivating Malaysia to redefine its China policy," says Zhang. France's PSA Group, which makes Peugeot and Citroën cars, has also submitted a bid for Proton.
Chinese automaker Zhejiang Geely, which is also the owner of Volvo, is bidding for a majority stake in the Malaysian car maker Proton Holdings, which owns UK sports car firm Lotus, say sources. Proton is a source of national pride in Malaysia so a sale would underscore China's growing economic clout in the country, says Zhang Baohui of Hong Kong's Lingnan University. "China is certainly gaining influence over Malaysia. Its money is motivating Malaysia to redefine its China policy," says Zhang. France's PSA Group, which makes Peugeot and Citroën cars, has also submitted a bid for Proton.