British sportscar manufacturer Lotus has just secured a GBP 10.44 million (USD 16.87 million) grand from the UK's Regional Growth Fund (RGF) which will be used for research and development of products along with staff training. In addition Lotus is expected to create 313 new full time jobs to support production over the coming years.
Business Secretary, Vince Cable MP yesterday visited Lotus for a tour and the announcement that the grand had been approved. The grant is a further boost for Lotus, following a GBP 100 million (USD 161 million) investment by its owners DRB-HICOM, allowing the company to enhance its engineering, productivity, efficiency and quality
“This grant is part of a wider strategy for Lotus created to ensure we thrive and grow,” said Aslam Farikullah, Chief Operating Officer at Lotus. “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.”
“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,” concluded Farikullah.
Lotus has been experiencing a turbulent time. In June 2012, key Lotus personnel and management departed the company including Dany Bahar, then the CEO of Group Lotus. The reason given was that Bahar allegedly misused company funds, a claim that the former Lotus CEO has disputed in court.