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| UPDATED: May 24 8:56 CET - new story

Geely will buy stakes in Malaysia's Proton, U.K. automaker Lotus

Chinese automaker Geely Holding will buy a 49.9 percent stake in struggling Proton from Malaysian conglomerate DRB-Hicom. Geely will also acquire a 51 percent share in U.K. sports car company Lotus from Proton.

| UPDATED: 5/23/17 4:34 pm ET - adds stock close
| UPDATED: 5/23/17 1:56 pm ET - corrected
New Ford CEO Hackett conjures up memories of Mulally

It was déjà vu at Ford's world headquarters as Executive Chairman Bill Ford took the stage and introduced Jim Hackett as the automaker's new "transformational," turnaround-tested CEO.

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