Lotus acquisition by SAIC and Youngman denied

British sports car manufacturer Lotus Cars has been through a tumultuous time as of late. Only last week, CEO Dany Bahar was relieved of his position by new parent company DRB-Hicom, which appointed one of its executives, Aslam Farikullah, to take his place. At the same time, rumors began circulating of Chinese enterprises SAIC and Youngman Lotus preparing to purchase the manufacturer. However, in a report appearing on International Finance News today, Lotus officially denied such rumors.

"We have not received any such information," Lotus China's public relations office responded when asked about the rumors. The office added that the speculations are baseless. SAIC Group, Youngman Automobile and DRB-Hicom all have yet to officially comment on the matter.

Lotus has been in dire financial straits as of late. All sorts of rumors, including reports that the manufacturer is preparing to abandon its Formula One program, have been spreading throughout the media. Malaysian automobile manufacturer Proton sold its 42.7 percent stake in Lotus to DBR-Hicom earlier this year. However, due to the manufacturer's poor sales, DRB-Hicom saw its stock price on Bursa Malaysia drop heavily.
This report from gasgoo.com

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