New Government grant secures Lotus' future, as the brand creates new jobs and outlines plans for new models
Darren Moss
25 November 2013

Lotus has been awarded £10.44m from the Government's Regional Growth Fund which will fund development of new models and create 313 new jobs.

The grant is the second influx of funding for Lotus this year, after owners DRB-HICOM announced it would provide £100million to grow Lotus' "engineering, productivity, efficiency and quality". DRB's funding came as part of a new three-year plan to revitalise the struggling firm.

Part of the Lotus strategy is understood to focus on new variants of existing products. Current models including the Exige, Evora and Elise will be used to launch special editions. The most recent of these is the Lotus Exige V6 Cup.

Lotus boss Aslam Farikullah said: "This grant is part of a wider strategy for Lotus created to ensure we thrive and grow. We are responding to increased global demand for our cars and engineering consultancy services and this grant will help to position Lotus at the forefront of global automotive innovation.

“We have very exciting plans for our sports cars and it’s a very positive move for Lotus that we’re in a position to create new jobs and to significantly contribute to Britain’s automotive industry. 

“The team here at Lotus have worked very hard to secure this grant and every employee is playing their part in the stability, growth and future success of our company.”

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Comments
10

25 November 2013
No mention of a new Esprit I see? And how about one or two of the models unveiled during Bahar's reign? The proposed Elite looked particularly good, it would be a shame if it was canned forever.

25 November 2013
Is this money being invested in Lotus Cars? Or just the engineering/consultancy side? I can't see how tarting up the existing car range will make the car biz profitable, esp as it only sold 750-ish cars in the first 6 months of this year and in the previous financial year the biz (as a whole I think) lost over £100M. Lotus need a Boxster moment if the car division is going to survive, surely? Since Bahar was booted out, nobody has come out with a concrete strategy to create a sustainable car divison. Please Lotus, shine a light on the situation for us all!

25 November 2013
It's good news for Lotus, but £10.4 million is chicken feed in terms of car development. It's probably similar to what Ford or GM pay for free coffee in their offices. Where's the new Esprit Lotus? I read that the car was near completion. We don't need yet another version of the Elise or Evora.

26 November 2013
[quote=pychris]It's good news for Lotus, but £10.4 million is chicken feed in terms of car development. It's probably similar to what Ford or GM pay for free coffee in their offices. [/quote] Ford don't pay for free coffee in their offices..........

25 November 2013
Why don't they just badge engineer an SUV, it worked for Porsche.

25 November 2013
If it has Porsche written on it, it will sell, if it has Lotus written on it, people will look and walk away

26 November 2013
[quote=Citytiger]Why don't they just badge engineer an SUV, it worked for Porsche.[/quote] Can you imagine what the new Lotus V8 (which produces 600bhp+) would be like inside a Range Rover Sport?

26 November 2013
about £500m short to make any difference at all. Typical government half-arsed interference. Won't make any difference at all to Lotus and the money - if this is all there is - should have been spent somewhere where someone, anyone, might have seen its impact. Pathetic.

26 November 2013
With just 14 dealerships across the UK (one of which is in Jersey) Lotus aren't exactly in the public's line of sight anymore, and are only in the minds of a relative few enthusiasts who want something a bit different, and prefer a more back to basics true driving experience. Most other people are more likely to see a Porsche dealership on their outer ring-road, and will therefore feel more inclined to pop in and sniff the leather in a well appointed Boxster or Cayman rather than to travel and sniff the plastic in a Lotus. And unless Lotus do something truly radical and move into a more daily driver orientated SUV type thing, then that status quo will, I'm afraid, remain.

29 November 2013
Lotus already has the car to give them the Boxter moment...it's called the Evora. They just need to sell them for £10K less than Porsche sells its Boxter.

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