China's Geely rejects reports of plans to buy Lotus; commits to investment in Britain post-Brexit

Group owns Volvo and the London Taxi Company; currently planning a major investment Midlands to support next generation electric cab

Li Shufu, founder and chairman of Zhejiang Geely Holding Group (Reuters)

The Chairman of China's largest private car maker, Zheijiang Geely Holding Group, has poured cold water on media speculation that his firm would buy Lotus Cars.

Li Shufu, who is the owner of the group, confirmed that Geely had been in talks with Lotus' Malaysian parent, which manufactures Proton cars two years ago over a possible partnership or technological cooperation but that there has never been any discussion about equity stakes and there was "no progress" since.

Mr Li said that he had read rumours about Geely and Lotus but that "as of today we have not made any arrangement."

The Geely group also owns Volvo, and the London Taxi Company. Currently Geely is planning a major investment in the Midlands to support a new generation electric cab, which will also be the base for an electric light van, which the company will export.

Asked if the vote for Brexit would affect their British interests Mr Li said that there would be "no impact" on trade between the UK and China. For Geely, he added, "there is no plan to change the decision for future investment".

Geely made around 1 million vehicles last year, generating some $2.5 billion in profit.