Lotus awarded £10m government grant

Lotus awarded £10m government grant

British sports car manufacturer Lotus has been awarded a government grant of £10.44 million

The money comes from the Regional Growth Fund, which aims to support projects that are using private-sector investment to create jobs away from London.

Lotus has said that the money will enable it to offer 313 new full-time jobs in the coming years.

It's a promising sign for the Norfolk-based manufacturer, which in recent years has suffered from financial turmoil and rumours linking it with bankruptcy.

Lotus chiefs have hinted that the money will be invested into new model ranges, as well as the company's engineering consultancy arm, which is reportedly the most profitable area of the business.

The company has also benefited from a £100 million investment by its latest owner, DRB-HICOM, which allowed it to announce a further 130 new jobs back in July.

"This grant is part of a wider strategy for Lotus created to ensure we thrive and grow," said Aslam Farikullah, Lotus's Chief Operating Officer.

"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."

Announcing the deal on a visit to the company's factory in Hethel, Vince Cable, the Business Secretary, said: "Lotus is an iconic British car maker, with some of the most innovative engineers in the business.

"The car industry is one of Britain's great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year.

"The Government's industrial strategy is working and giving business the confidence to invest, creating more high skilled, long term jobs in the UK."
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