British politicians visit Lotus factory in Hethel, EnglandEnlarge Photo
Lotus has managed to secure £10.44 million (approximately $16.86 million) in funding from the British government via its Regional Growth Fund program, which is aimed at creating jobs in the U.K. Lotus says the funds 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 of its sports cars over the coming years.As previously reported
, Lotus initially applied to receive the funds over two years ago. At that time the automaker was under the guidance of Dany Bahar
. Now, under the leadership of a new and somewhat more stable management team, Lotus is ready to get its hands on the cash.
The grant is a further boost for Lotus, following a £100 million ($161 million) investment by its Malaysian owner DRB-HICOM, which has allowed the British automaker to enhance its engineering, productivity, efficiency and quality.
“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,” Lotus COO Aslam Farikullah said in a statement. “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.”
Before you get too excited about the launch of a new Esprit supercar
, just note that the sports car plans mentioned by Farikullah will involve updates to the existing model line
rather than brand new models, at least for now. The good news is that those updates will include improvements to the technology, performance and quality of Lotus cars, as well as the cost at which they are produced._______________________________________Follow Motor Authority on Facebook, Twitter, and Google+.