Lotus found a buyer!

Geely bought a 51 percent stake in the Lotus Cars and a 49.9 percent stake in Proton, a Malaysian car company, according to Automotive News Europe.

Lotus currently sells the Evora, Exige and Elise in the United States

The move is similar to other Geely purchases over the years. The company bought Volvo in 2010 and the London Taxi Company in 2013. And the Lotus engineering mentality of "simplify and add lightness" could prove helpful in making more efficient EVs for the company.

And don't think Lotus is bought to be stuck on a mantle like some corporate trophy. Daniel Donghui Li, Geely's CFO, said the company plans to "unleash the full potential of Lotus Cars" (yay!) by rolling out new products and speeding up development.

No price for the deal was available, and the deal is expected to be finalized by July.