Geely: No Plans to Buy Bentley
China’s Zhejiang Geely Holding Group says it has no plans to buy Bentley from Volkswagen Group, countering reports last week to the contrary.
Yang Xueliang, vice president of Geely Automobile, tells reporters there is “nothing” to the acquisition rumors.
Geely has purchased all or part of several foreign brands in recent years. The Chinese carmaker bought Volvo Cars in 2010 and in 2018 acquired large stakes in Malaysia’s Proton Holdings Bhd. and that company’s Group Lotus unit in the U.K. Geely also is the largest shareholder of Daimler, with a nearly 10% stake.
Bentley lost about €290 million ($321 million) in 2018. The luxury marquee’s global sales slid nearly 14% to just over 9,100 vehicles last year.
For conducting business in the U.S. market, Toyota has historically had several separate business entities: a sales and distribution company headquartered in California (Toyota Motor Sales, USA); manufacturing operations (Toyota Motor Manufacturing North America); a racing subsidiary (Toyota Racing Development, USA); the Toyota Technical Center for R&D in Ann Arbor; and a design facility in California (Calty Design Research, Inc.). On April 1, 2006, Toyota merged its R&D operations and its manufacturing operations into a single company.
The Lexus ES sedan is more than just an offering within the company’s lineup.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).