The deal meant to rescue UK sports car manufacturer Lotus is set to be completed this month.
Geely Holding Company will purchase a 51% controlling stake in the company for £51 million.
“This is fantastic, the best thing that could have happened to us,” Lotus chief executive officer Jean Marc Gales told Bloomberg.
Thanks to the Geely deal, a new Elise could arrive in 2020, Gales said.
He also has his eye on electric cars. But Gales said a Lotus electric model would have to lightweight and able to handle corners ‘alongside any great sports car’.
“In two or three years, battery cars will be much higher performing than they are currently because technology moves on,” he said. “It could be a really good thing to be the first one to do an electric car that doesn’t weigh two tons.”
Geely also owns Volvo and in 2013 bought black cab manufacturer London Taxi International.