Lotus fans listen up: Chinese automaker Zhejiang Geely Holding Group is considering a near-$2 billion investment to revive the niche sports-car maker, hoping to build it into a luxury nameplate to compete with the likes of Porsche and Ferrari.

The Chinese automaker also controls Volvo Cars, and Bloomberg reports Geely plans to pump money into new Lotus production facilities and research centers. Bloomberg quotes “people familiar with the matter” because the negotiations are ongoing and private.

Bloomberg also reports Geely is looking to increase its 51 percent stake in Lotus.

Geely's founder, billionaire Li Shufu, has said publicly he wants to take Geely to a point where it rivals Toyota and Volkswagen. Geely bought Volvo in 2010 and then turned around and spent more than $11 billion to right the Swedish brand’s ship.

Under Geely’s proposal, the first phase would expand Lotus’ Hethel plant in England. Some 200 engineers would be hired. Following that, a second U.K. factory would come, potentially in the West Midlands region, according to Bloomberg, and a new design center possibly in Coventry.

Li said making Lotus profitable will come with embracing new technology such as electrification and artificial intelligence. He also said Geely would consider producing Lotus sports cars in China.

The little sports-car maker can certainly use the boost: So far this year it has sold just 145 cars in its home country, down 25 percent, and just 28 in the U.S.

This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. You may be able to find more information about this and similar content at piano.io