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Unread 2011-12-29, 11:02 PM   #1
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Default RIP....Lotus?

Investors' advice to Proton: Sell Lotus





There's a lot of smoke going on over at Lotus, but we still have a while to wait before we get the first evidence of fire: the new Lotus Espirit and it's in-house V8 won't be here until 2013. On the other side of the world, there's a fair bit of smoke and fire happening at Malaysian automaker Proton, which owns Lotus.

The Malaysian government controls Proton and has been investigating a partnership for or sale of the company for a couple of years, but despite its efforts, it hasn't made any deals. The 28-year-old automaker has been losing large chunks of market share, and the government feels that sale to a well-funded global player would be the best solution to insure Proton's long-term future. Although it has named its chosen candidate for a purchase, it isn't clear if anyone has made any serious overtures to that end.

Outside observers believe the first thing Proton should do is get rid of Lotus. The mass-market Malaysian carmaker has almost nothing in common with the tiny, English niche sports car producer, and has done nothing but throw money at Lotus' carmaking arm since 1996 (Lotus Engineering, the technology consultancy, is profitable).

Proton has said it has no intention of selling Lotus. However, if Proton is sold then the new owners could reverse that stance. And if Lotus were unloaded, that puts everything CEO Dany Bahar has planned in serious doubt.
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Unread 2011-12-30, 04:23 PM   #2
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Proton sale puts Lotus plans in doubt



Fresh reports of the sale of the Malaysian government’s stake in car-maker Proton has cast a shadow over the expansion of British sports car specialist Lotus.
The value of stock in Proton has risen by fifty per cent in Kuala Lumpur trading this month, Bloomberg reports, on the speculation that control of the car-maker would be sold. Local Malaysian car industry heavyweight DRB-Hicom is favourite to acquire the majority holding.
Read more about Lotus' plans to launch six new models by 2016
But investment experts claim that, if the sale does go through, any new owner is likely to divest itself of Proton’s 64 per cent stake in Lotus Group International in order to raise capital with which to sure up Proton’s market share in its domestic Malaysian market, which is currently under threat – with Proton profits having fallen 76 per cent in the last quarter.
Bloomberg quotes two Kuala Lumpur investment advisors, Gan Eng Peng of HwangDBS Investment and Alexander Chia of RHB Capital, who both claim that the sale of Lotus would make sense for a new Proton owner. However, the sale could be fatal for Lotus if it means an end to the credit line that Lotus CEO Dany Bahar is relying on to facilitate his ambitious business plan to return Lotus to profitability by 2014. Bahar has recently been quoted that he believes, without the established support of Proton, Lotus “would not survive, end of story.”
Lotus is believed to need a further £500million of investment to bring its expansion plan to fruition. Kuala Lumpur financial bodies only estimate its value as a sports car brand at £200mil, however – and that’s assuming Bahar’s recovery plan succeeds.
It’s been reported that Chinese car-marker Shanghai Automotive and Luxembourg’s Genii Capital have both approached the Malaysian government to buy control of Lotus recently, but neither has officially confirmed its interest.
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Unread 2012-01-17, 05:53 PM   #3
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DRB-Hicom to buy Proton






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A deal has been reached to sell the Malaysian government's controlling, 43-percent stake in Proton Holdings Bhd to Malaysian conglomerate DRB-Hicom for $410 million. Rumors surrounding the deal have been in the news for a few months, with Proton's deteriorating profits leading to speculation about if the government would get out and who be the savior. Of course, the other big question was: what happens to Lotus in the event of a sale.

Analysts had uniformly suggested that Proton sell Lotus, citing Proton's sales difficulties and lack of synergies as more than enough reason. DRB-Hicom has interests in various industies from automobile and car-part manufacturing to ports and aiports, but doesn't provide any more synergies with Lotus than Proton alone.

However, with founder and head Syed Mokhtar so closely associated with the firm it could be that he decides to keep Lotus as a jewel in the corporation just because he can – Lotus could do its work in a quiet corner of the DRB-Hicom empire. The deal for Proton is expected to close in the second quarter of 2012, so it shouldn't be long before we find out the fate of the so-close-yet-still-so-far-away Esprit.
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Unread 2012-01-18, 11:51 AM   #4
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New Proton owner “open to options” for Lotus





Continuing the ongoing saga that has enveloped Lotus over the past couple of weeks, new Proton owner DRB-Hicom has confirmed that it is “open to options” when it comes to the niche sports car maker, including a possible sale.

Syed Mokhtar Al-Bulkhary, the billionaire owner of DRB-Hicom, spoke to reporter for the first time about the purchase of Proton on Wednesday, with many of the questions focused on the future of Lotus . Al-Bulkhary didn’t have any concrete answers, but said his company will be “open to options”.
“We can’t do due diligence on Lotus earlier so will need time to look into Lotus,” he told Automotive News.
DRB-Hicom purchased a 42.7 percent stake in Lotus-parent Proton Holdings earlier this week from the Malaysian government. The company reportedly purchased another 7.7 percent on the open market, bringing the company’s total stake to a controlling 50.4 percent.
Lotus rolled out an ambitious lineup of five all-new vehicles at the 2010 Paris Motor Show, but many questioned the company’s financial ability to actually put those vehicles into production. The low-volume sports car maker currently sells about 2,000 vehicles a year and has never turned a profit under the leadership of Proton.
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Unread 2012-01-19, 04:18 PM   #5
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Unread 2012-01-19, 08:39 PM   #6
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New Proton owner “open to options” for Lotus





Continuing the ongoing saga that has enveloped Lotus over the past couple of weeks, new Proton owner DRB-Hicom has confirmed that it is “open to options” when it comes to the niche sports car maker, including a possible sale.

Syed Mokhtar Al-Bulkhary, the billionaire owner of DRB-Hicom, spoke to reporter for the first time about the purchase of Proton on Wednesday, with many of the questions focused on the future of Lotus . Al-Bulkhary didn’t have any concrete answers, but said his company will be “open to options”.
“We can’t do due diligence on Lotus earlier so will need time to look into Lotus,” he told Automotive News.
DRB-Hicom purchased a 42.7 percent stake in Lotus-parent Proton Holdings earlier this week from the Malaysian government. The company reportedly purchased another 7.7 percent on the open market, bringing the company’s total stake to a controlling 50.4 percent.
Lotus rolled out an ambitious lineup of five all-new vehicles at the 2010 Paris Motor Show, but many questioned the company’s financial ability to actually put those vehicles into production. The low-volume sports car maker currently sells about 2,000 vehicles a year and has never turned a profit under the leadership of Proton.
I think lotus could turn a profit if ran right. They have a nice niche, I love the elise, its a small peppy car that looks awesome and they are not absurdly priced.

If they were to find a way to make the car more aval / known around the world it would help a ton. They also need to get common enough for people to look at that niche and think lotus, not think 4 differnt cars.
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Unread 2012-01-19, 09:00 PM   #7
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I think lotus could turn a profit if ran right. They have a nice niche, I love the elise, its a small peppy car that looks awesome and they are not absurdly priced.

If they were to find a way to make the car more aval / known around the world it would help a ton. They also need to get common enough for people to look at that niche and think lotus, not think 4 differnt cars.
Lotus should have kept making higher end cars like the Esprit. Cars with more of a profit margin is where these small car companies should focus. If they would have updated the Esprit and kept it about ½ the price of a base model Ferrari I think they would have carved out a more profitable niche.

There is not another small car company even trying to make $40,000-$60,000 cars for good reason. Small car companies just don't have the resources to make it profitable.
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Unread 2012-01-30, 10:51 AM   #8
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Lotus CEO Bahar Seeking Buy-Out Partner: Report

Dany Bahar


While the new owners of Lotus’ parent company, Proton, haven’t come out and said that Lotus is for sale, it’s clear to all involved that the writing is on the wall.

While Lotus brings a halo brand to the table, Proton’s primary business is manufacturing economy cars for the Asia-Pacific market. If Lotus were financially self-supporting, it might make sense for Proton to keep the brand.

But Lotus isn’t self-supporting, and it hasn’t made a profit for Proton since being acquired back in 1996. That makes Lotus CEO Dany Bahar (understandably) nervous, since he has ambitious plans for the growth of the brand.

How nervous is Bahar? According to Autocar, nervous enough to seek partners to buy Lotus from Proton. If you have the ability to fund the development of Lotus’ future products, to the tune of $785 million, Bahar would love to speak with you.

Bahar may be racing Genii Capital to take control of Lotus, since the firm is reportedly close to completing its due diligence of the Hethel, England automaker. Genii Capital already bought out Renault’s share of the former Lotus-Renault F1 team, now named simply Lotus F1 Team, and would love to include the automaker in its portfolio.

While it’s unclear which party will ultimately take control of the Lotus brand, it’s unlikely that Proton will remain its parent much longer.
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Unread 2012-04-26, 10:30 AM   #9
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Chinese buyer sought for Lotus





Group Lotus’s new Malaysian-based owner, DRB-Hicom, is actively seeking a Chinese buyer for the troubled engineering group and sports car maker, according to the South Norfolk MP Richard Bacon.

Bacon, whose constituency covers Lotus’s Hethel headquarters, 10 miles south of Norwich, says he understands global business consultancy KPMG has been retained as a “corporate salesman” to find a new owner for Lotus. He says the bombshell revelation emerged in last night “just before” an hour-long parliamentary debate on Lotus’s future began at 9pm. The debate was attended by MPs from neighboring constituencies and Mark Prisk, minister of state for business, innovation and skills responded on behalf of the government.

The debate’s purpose, says Bacon, was to highlight the value to the Norfolk region of Lotus’s special technical skills and innovation culture, and to signal concern at the danger to Lotus’s 1200 Hethel-based jobs a change of ownership could bring. Bacon claimed the employment contract of Lotus CEO Dany Bahar contains a financial incentive to find a buyer for the company.

Bacon further pointed out that a few hours after British Prime Minister David Cameron’s recent meeting with Proton boss Dato’ Sri Syed Zainal, aimed stressing the UK government’s view of the extreme importance of retaining Lotus’s skills and jobs in Norfolk, Zainal had traveled to China to seeking a new owner for Group Lotus.

Mark Prisk, the minister, said the government recognized the need to “keep talking at all levels on this important issue” and made it clear that a grant of around £10 million to assist Lotus’s much-publicized expansion plans had been placed “on hold” since the DRB-Hicom acquisition, and would remain so until the situation clarified.
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Unread 2012-04-26, 02:41 PM   #10
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Lotus to restore full car production


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Lotus Cars has secured enough investment from its new Malaysian owner, the automotive giant DRB-Hicom, to restore full car production at its Hethel assembly plant in the next few days, and continue build-up to the launch of the first of its new-wave models, the Esprit supercar due in showrooms before the end of 2013.
A four-model, five-year plan devised by CEO Dany Bahar has had to be amended because a 60-day financial “freeze”, a routine occurrence when Malaysian firms sell major assets, has interrupted the flow of agreed development funds and introduced considerable production delays.
The resumption means that from beginning of May Lotus should be making Elises, Exiges and Evoras at a combined rate of 44 cars a week, and will be continuing to to spend on the development of the Esprit, especially its own-design V8 engine and novel automated manual transmission.
Other new models proposed beyond Esprit remain in abeyance for the time being but Lotus expects to launch at least three improved versions of existing models in time for this year’s Goodwood Festival of Speed, late in June, where it is this year’s “chosen” marque. The company celebrates its 60th anniversary this year, as well as the 50th anniversary of the launch of the first Lotus Elan.
Bahar vehemently denies recent assertions made during a recent parliamentary debate by local MP, Richard Bacon, that the business consultancy KPMG has been tasked with finding a buyer for the company in China.
“It’s just not true,” he says. “There is no fire sale, no selling process and no bidding. If there were, lots of strange people would be here doing inspections and due diligence, but there is nobody. Besides, I have no authority to sell the company. That’s a job for the shareholders. I am just an employee.”
He also laughs off recent reports that his contract contains incentives to sell the company. “You can look at it any way you want,” he says. “I have a fairly normal CEO’s deal that means if our plan were to be successful at some time in the future, there could be a benefit. That is nothing out of the ordinary.”
Commenting on reports that DRB-Hicom had appointed a highly-placed Proton employee to Lotus’s top management, Bahar said the move was extremely welcome. “We have been joined by the CFO of the Proton Group, someone we have known for two and a half years, and who knows our company and situation very well. He has been nominated to form a co-operative link between DRB and us, and this is very helpful because we have not had this before.”
A Lotus Youngman company, recently registered in London with himself as one of two shareholders, had been intended to extend links between Hethel and the Chinese manufacturer Youngman that already sells an “Engineered by Lotus” saloon range in China. But it is unlikely now to go ahead, he says. “Our two companies started talks with the aim of doing new products under a different logo, but it is now very unlikely that we will finalize the deal.”
The Lotus CEO keen to scotch reports that Youngman is Lotus’s Chinese importer: that function is fulfilled, he says, by Lotus China Symphony, who have so far opened three dealerships this year in China, and have plans for another 13 before the year-end.
Bahar regrets the severity of his media examination, but can understand the reason for it. He admits that DRB-Hicom has still to decide whether it will operate Lotus as is, modify its ambitious management plans or move to sell it. He is frustrated by the situation, he says, but understands that the new owner needs to concentrate on its much larger purchase, Proton, in the early weeks.
“The past four months have been really tough for us,” he says. “We were working at a pace nobody had seen at Lotus for many years, so the shut-down, as I call it, was very hard for us. It is still not good, but it is where we are. My job is to convince our shareholders — and critics — that we can build a successful business here. But I’m feeling a lot happier now than I was a month ago.”
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Unread 2012-05-11, 01:12 PM   #11
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Proton has no plans to sell Lotus



Lotus isn't going anywhere, according to parent company Proton. Autocar reports representatives of Proton's new owner, DRB-HICOM, stopped by Lotus HQ to reassure the company's staff.

Dato Sri Haji Mohd Khamil Bin Jamil, DRB-HICOM group managing director, said his company "is not thinking about a sale." While the executive said that he could never fully dismiss the prospect of sending Lotus off to another owner, right now such a move isn't one of his company's top priorities. Instead, figuring out a course for Lotus could take months. In the meantime, Dato Jamil said his company would continue to support Lotus financially.

Until recently, Proton was owned by the Malaysian government, but DRB-HICOM purchased the company three months ago. Since then, the future of Lotus has been anything but certain. All production and development stopped for 60 days after the deal was inked, but has now officially resumed. Even so, with no clear long-term decision from DRB-HICOM, it remains unclear whether Lotus will pursue the five-year plan laid out by company CEO Dany Bahar.
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Unread 2012-05-29, 11:21 AM   #12
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Report: DRB-Hicom has no plans to sell Lotus despite CEO’s suspension




Following the suspension of Lotus Group CEO Dany Bahar on Friday, the owners of the company said that they have no plans to sell the sportscar maker. Speculation had started following Bahar’s suspension that owner DRB-Hicom is preparing to sell the unprofitable brand.
DRB-Hicom purchased Proton, which owns Lotus, earlier this year.
“We acknowledge that Lotus can provide value to Proton,” the company said in a statement.”Lotus is an iconic brand with global presence and positioning, coupled with unsurpassed engineering expertise and a talented work force.”
The owners said that they are currently reviewing Lotus’ existing business plans and finances.
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Unread 2012-06-07, 12:25 PM   #13
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Lotus Finally Simplifies And Adds Lightness, Fires CEO

It finally happened. Lotus CEO Dany Bahar has reportedly been fired by parent company DRB-HICOM effective immediately after being suspended for "conduct" last month.
That "conduct" he was suspended for is apparently taking lots of money while never making a profit. Of course, in our mind, his questionable "conduct" was being terrible.
It wasn't just that Dany Bahar famously squared off with us in Los Angeles when we dared question his desire to build fatter cars. It wasn't just that he was spending all his time courting celebs instead of buyers. It wasn't even his crazy outbursts.
What made Bahar terrible is that he had no idea what he was doing. His vision to turn Lotus into a Ferrari was poorly timed, poorly planned, and poorly executed.
So, yes, I'm happy Bahar was fired. I've been calling for his dismissal since they first revealed the company's ridiculous plans. Lotus is a car enthusiast's brand and, while Ford's CEO has demonstrated you don't need to know shit about cars if you know about business, it's clear Bahar knew little about anything.
Not that knowing anything could have helped him. Our contempt aside, it's impossible to ignore that Lotus is rarely anything close to profitable. Bahar was a massive failure, but few people would have been successful in that position.
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Unread 2012-06-18, 10:52 AM   #14
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Bahar to sue Lotus owner over sacking - report

Lotus CEO Dany Bahar




Dany Bahar, the sacked boss of former Lotus F1 Team sponsor Group Lotus, has reportedly decided to sue the struggling sports car maker.
The Turkish born Swiss was dismissed at the end of an investigation by Lotus' owner DRB-Hicom into Bahar's conduct.
That was amid rumours Bahar used Lotus funds to extensively refurbish his several houses.
The Swiss newspaper Bilanz reports that Bahar is filing a suit in London's High Court for wrongful termination.
The report said Bahar, 40, denies the claims about renovating his homes with Lotus money.
And he also reportedly denies improperly using company funds for private jets and helicopters.
Group Lotus and Proton, the DRB-Hicom-owned Malaysian carmaker, did not comment.
Bahar did not respond to an email.
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Unread 2012-07-25, 10:53 PM   #15
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New owner committed to Lotus

In a sign that Lotus’ new owner is committed to the British sports car company, DRB-Hicom, the Malaysian investment group that recently bought a controlling stake of Proton and with it the control of Lotus, has reportedly scrapped the overly ambitious five-year turnaround plan first announced by ousted CEO Dany Bahar at the 2010 Paris Auto Show.

A new plan, which is expected to be finalized over the next six to 12 months, is said to be much more realistic.

The information was revealed during a meeting between DRB-Hicom management and analysts at RHB Research, reports Malaysian newspaper The Star.

The biggest change will be the scrapping of plans for six new Lotus models in favor of no more than three. The first of these is still expected to be a new Esprit supercar, as development work on the car, and its new V-8 engine, were well underway before the sale of Lotus’ parent company Proton.

Expenses will also be drastically reduced, which means we’re likely to see a reduction in Lotus’ motorsports participation as well as the number of its high-cost consultants. Some job cuts are expected, though these will be mostly from areas not directly related to the cars that will be launched.

Finally, the new plan is expected to make greater use of the engineering expertise and skill sets at Lotus, which would not only help Lotus deliver its future models faster but could be sold to rival firms.

It has also been revealed that DRB-Hicom has already injected close to $155 million into Lotus since taking controlling of the company and that it is willing to invest an additional $155 million by 2013. This is on top of a previous loan of $400 million from six main creditors in 2010, which was guaranteed at the time of its issue by Proton.

There are also claims that rival firms have offered to buy Lotus and its debts, one of which is said to be the Volkswagen Group, though so far no official announcement has been made.
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Unread 2012-08-27, 05:05 PM   #16
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Former CEO Bahar files $10.6M suit against Lotus


File this one under "not surprising in the least." Fired Lotus CEO Dany Bahar is reportedly suing his former employers for some $10.6 million, claiming that the automaker and its Malaysian owner, DRB, broke the law when they dismissed him. According to a report by Bloomberg Businessweek, DRB and Lotus will defend themselves in court rather than settling, including filing a countersuit against the former top executive.

Bahar, 40, was canned on June 7, about two weeks after Lotus suspended him pending an investigation into his conduct. The report cites a Kuala Lumpur stock exchange filing as its source of the information; the filing also indicates that DRB has decided against selling Lotus, despite continuing losses
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Unread 2012-10-05, 09:02 AM   #17
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Lotus Grinds To A Halt - Cancels New Esprit Model


Under new management, Lotus may be entering a new era, but we can't say the same for its products.




Lotus is a company dominated by eras. There was the post-war era of Colin Chapman who founded the marque and turned the world on to the concept of "adding lightness". After his death in 1982 the company went through a series of owners (including General Motors and Romano Artioli's Bugatti) before Malaysian automaker Proton took control. Then came the Dany Bahar era.The former Red Bull and Ferrari exec launched an overly-ambitious plan for Lotus at the 2010 Paris Motor Show that entailed a whole raft of new products.
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Unread 2012-10-24, 02:52 PM   #18
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Lotus Owner Provides Details Of Future Plans


The last we heard, Lotus’ new owner DRB-Hicom had fired CEO Dany Bahar and thrown out his overly ambitious plan to launch up to six brand new models within a five-year period. DRB-Hicom also revealed that it would announce a revised plan for Lotus before mid-2013 and that development of at least one of Bahar’s proposed models, the Esprit supercar, would continue unabated.

Speaking with Auto Express recently, DRB-Hicom chief Aslam Farikullah has now revealed further plans for Lotus, and thankfully they appear just as rational as what we’ve heard previously from the sports car company’s latest owner.

Farikullah is reported to have said that there were no plans to sell Lotus or move production of its cars out of the UK, something that is sure to be great news for the company’s 1,189-strong British workforce.

He also reaffirmed comments that DRB-Hicom is committed to Lotus’ future and that the priority now is to improve the quality of the current fleet, which still consists of the Elise, Exige and Evora models and their respective variants. Note, only the Evora is available in the U.S., though a racing version of the Exige is coming.

“We have to be realistic and get the basic fundamentals of the business right. Then we will look at the next products. We are excited about the future and plan to grow the business,” he said.

So far this year, Lotus has reportedly sold just over 800 cars. The company has also opened merchandise stores in upmarket locations, including one in London’s fashionable West End.
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Unread 2012-10-30, 08:34 AM   #19
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Report: Aston Martin and Lotus talking tie-up to reduce costs


Word on the street is that two famous sports car British brands – Aston Martin and Lotus – could be talking about a tie-up or partnership of some sort in an effort to reduce development costs resulting in more profitability and better products.

According to Automobile Magazine, Aston and Lotus by be looking to merge or create a cooperative agreement to bring together their engineering, purchasing and production resources to reduce costs.

Lotus could provide Aston Martin with knowledge of producing lightweight sports cars while helping the supercar brand increase fuel-efficency. In return Aston could provide Lotus with production resources.
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Unread 2012-11-20, 11:27 AM   #20
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Lotus Esprit development almost done, production still uncertain - report



Lotus is almost done developing the new Esprit, but it's still far from reaching production phase.
Recent reports have been pretty much contradictory, with some saying that Lotus has stopped Esprit development while others mentioned that the company's flagship model is still in the works. A source within Lotus has told Autocar that the new model is almost complete but it will take a while until it goes into production because the firm is going through some serious management issues.
Benefiting from a carbon fiber / aluminum construction, the Esprit is powered by a twin-turbo V8 5.0-liter engine with approximately 650 hp (485 kW), featuring an F1-inspired KERS system and connected to a 7-speed paddle-shift transmission.
If it will reach production, the new Esprit is expected to cost somewhere around 100,000 GBP.
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Unread 2012-11-26, 10:24 AM   #21
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Lotus Esprit all but ready to go, but held back by management issues





Brief and disappointing is this report from Autocar on the status of the Lotus Esprit: it is finally ready and sitting at the light, but the light might not go green for a long time. The good news is that from being a concept two years ago at the Paris Motor Show, the aluminum and carbon fiber revival coupe is "purportedly almost finished." It is powered by a twin-turbo, 5.0-liter V8 with something like 650 horsepower, boosted by a kinetic energy recovery system (KERS) and shifting through a seven-speed paddleshift transmission. Even with all that, the UK price is said to be around that of a Porsche 911 4S Cabriolet, and the car only needs "signing off and minor tweaking."

The bad news is that former company owner Proton couldn't stay independent long enough to see through the company's ambitious five-concept-car assault – led by then-CEO Dany Bahar who was hired explicitly to lead such a campaign – and was swallowed up by Malaysian auto supplier DRB-Hicom. For a brief spell Lotus had to shut down production for lack of funds. Then the new owner cleaned house, sweeping out Bahar and, according to the Financial Times just one month ago, the Esprit and every other concept with it. Just after the FT piece came out, Lotus denied the Esprit had been canceled. Still, according to Autocar, the management whirlpool is keeping the Esprit "far from becoming a production reality."

If we're honest with ourselves, we'll keep in mind that the Esprit has been slipping into and out of a terminal ether for what seems like decades. None of us knows what is going on inside Hethel HQ, but the fact that there really is a lightweight, twin-turbo, 650-hp Lotus Esprit finally ready to be produced has to be, in spite of all else, very good news.
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Unread 2013-11-25, 08:48 PM   #22
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Lotus to receive $16M government grant



Troubled British automaker Lotus is getting a second infusion of cash following a 100-million-pound ($161.5-million) investment by its parent company DRB-Hicom that was made in August. The substantially smaller investment, a mere 10 million pounds ($16.2 million), comes from the British government's Regional Growth Fund.

The fund, which is part of a 3-billion-pound ($4.8-billion) fund to spur economic growth in the UK, will allow Lotus to invest even further in research and development as it seeks to reinvent its lineup of lightweight sports cars. The fund will also allow the UK-based outfit to provide further training for its new crop of employees.

"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 as the forefront of global automotive innovation," said Aslam Farikullah (shown above with UK Business Secretary Vince Cable MP), the chief operating officer at Lotus.

Scroll down for the official press release from Lotus.
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Unread 2013-11-26, 03:01 AM   #23
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It'd be great if investors and firms could quit fucking with a company to make a quick profit buying and reselling a company..
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Unread 2014-05-03, 11:31 PM   #24
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Lotus appoints new CEO, hints at a transformation plan

Newly appointed Lotus CEO Jean-Marc Gales

Company will now be run by Jean-Marc Gales

Proton and DRB-HICOM have announced Jean-Marc Gales will become the new CEO of Lotus.
Set to replace Aslam Farikullah, who will remain a Member of the Board of Lotus Cars Limited and will "continue to contribute to the growth of the business in the future," Gales is an industry veteran who has previously been President of Citroen and Peugeot. During his tenure at PSA Peugeot Citroen, he was credited with launching the Citroen DS sub-brand and restructuring the "entire sales value chain." Before that, Gales held senior positions at Daimler, General Motors and Volkswagen.
In a statement Proton CEO Dato’ Abdul Harith Abdullah said "This is an exciting time for Lotus and Jean-Marc's appointment could not have come at a more appropriate time, especially taking into account our plans for Lotus. We believe that with his strong technical and managerial expertise and leadership, Jean-Marc will be able to drive the Lotus transformation plan and further enhance Lotus' business and capabilities."
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Unread 2014-05-04, 07:55 AM   #25
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Glad they're moving forward. Hopefully they can turn around this historic brand!!
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