Geely, the Chinese owner of Volvo Car, has agreed to acquire a 49.9% stake in struggling Malaysian car manufacturer Proton, and control of British sports car brand Lotus. The Hangzhou-based carmaker agreed to “support the transformation of Proton and Lotus” to make Proton “the most competitive brand in Malaysia”, according to a press statement. The deal, which came as a dramatic about face after senior executives of Geely had previously said they dropped their bid, is expected to help Geely grow in the Southeast Asian car market and to claim ownership of Lotus – an iconic global sports car brand – owned by Proton. Proton was put up for sale earlier this year, drawing interest from Renault and Peugeot’s parent PSA. “With Proton and Lotus joining the Geely Group portfolio of brands we strengthen our global footprint and develop a beachhead in Southeast Asia,”said Daniel Li, Chief Financial Officer of Geely Holding Group. Proton has been bleeding red ink with its market share declining year after year after failed attempts by its conglomerate owner DRB-Hicom to rehabilitate the company.