Originally Lotus was looking for £27.5 million, but Proton, the firm's Malaysian parent company, has since reduced that figure to £10 million. That's also expected to be backed up by an estimated £200m of its own money over the next decade that will help Lotus realise its ambitious product plans.
Crucially, the RGF money will also help to ensure that the manufacture of Lotus products remain in the UK for the foreseeable future.
"This is great news for all those concerned about Group Lotus moving production overseas, to say that we're pleased with the result would be an understatement," says Group Lotus CEO, Dany Bahar. "We are an authentic British automotive manufacturer with an incredible heritage and an exciting future ahead, this funding will play a role in assisting with the realisation of our business plan to produce a new range of sports cars with best in class performance and emissions."
"We would like to thank everyone for their support during the bid process. The local authorities, MPs and the local enterprise partnership have all played a role in helping us secure this funding - we're very grateful, it's nice to know people feel strongly enough to act on our behalf."
I really dont get all this anti Lotus sentiment. Just read through all the previous posts and most are negative. I dont really understand why? Bahar is not the most likeable individual but then again the CEO of BMW or Porsche may also be a prat but theres still not the same feeling.
They have a great heritage and history, they offer great products and are trying to bring to fruition a bunch of exciting new cars.
They have an impressive team behind the scenes with a huge deal of expertise and will build their cars in the UK, this is great news. I wish them all the best
I can't understand why everyone is getting so skeptical about the development of the new cars.
The VVA platform is engineered to accommodate a variety of lengths, widths and suspension setups. The new engine is designed to be modular so it'll be possible to do V8, V6 and V4 versions on the same rig. The new models are all pretty-much variations on each other, with only the aluminium bodies (which will probably be contracted out - CPP maybe?) as the 'extra' bit.
In short, they've been designed to be relatively cheap to build. Once all the various elements are in place, production shouldn't be too difficult.
Twincam, this is PH, no matter what the story there will be a great many instances of smuggery. Typically "fans" of rival brands or just general internet warriors who enjoy being scathing online. Pretty typical of forums.
Wouldn't read too much into it. Great news for Lotus and for the region. Time to get that new engine out testing in a hack chaps.
If it helps keep people employed its great news, if they were developing a new affordable british built sports car (like Elise, Caterham, Ginetta, TVR etc) it would be even better news.
But the money is being invested into Danny Bahar's vanity project, 'pipe dream' £100k cars that no one will want to buy and when the Malaysian money runs out and Mr Bahar and his cronies have all left the bank balance empty there wont be much left saving.