New Esprit severely delayed - if ever...

[anonymous-user]

NEWS RELEASE
Solid 5 Year Plan Heralds 3 New Models.
Group Lotus is set for a bright future with a greatly expanded and extended car model
programme and new opportunities for the engineering business on a re-aligned basis.
Following a major review of the entire business and with the full support of the Lotus Group
International Limited (LGIL) holding company board, Lotus intends to launch two additional
new models over the next three years. This is in addition to the new Esprit, which will top the
range as the company’s future flagship sports car.
The two additional models will be a new mid-range Lotus set for launch in December 2008 and
a Lotus/Proton high-performance model, due in May 2008. The flagship Esprit replacement,
whose introduction has been extended to incorporate more Lotus “DNA” and other
enhancements to meet the changing needs of the global marketplace, will be unveiled in
December 2009.
The review also highlighted opportunities for growth in the engineering consultancy business,
including expansion in new markets, joint ventures and strategic alliances.
Mike Kimberley, Chief Executive Officer, Group Lotus said: “We are very pleased to
have secured LGIL Board approval for a high-level five-year strategic business plan –
the first such approved plan that this company has had in the last six years. We have
some great opportunities ahead of us and some already under way. It’s a very bright
future but we have to work hard to bring all the opportunities to fruition.”
The current Lotus model range includes the award-winning and class-leading Elise and Exige
with the recently-introduced Europa S. The three new models, all to be sold through the Lotus
dealer network, will address new market segments and allow Lotus to extend its appeal to a
wider customer base. Development work on two of the three new models is already ongoing
and will increase significantly in future months.
Responding to a general economic downturn in certain key markets, Lotus has recently
reduced production of its iconic Elise and Exige models. It also expects to ‘right-size’ its
workforce to match capacity with global demand and to minimise overheads.

Mike Kimberley concluded “Like many other carmakers we need to tighten our belts in the
short term. It is essential we respond fast to market conditions while we drive forward this
exciting long-term plan. Our shareholder Proton has been and is very supportive of Group
Lotus plc, with strong backing for our realignment plans.”

Sounds like a severe attack of cold feet at Proton to me.

Edited by 5 USA on Wednesday 20th September 18:28

[teigan]

i think your assessment is correct. if you deduce the obvious from that article, it sounds like lotus is in major trouble. when lotus stops production altogether, i'll have to make all my own parts. was already forced to machine a few derlin bushings this week because the ones lotus dispenses nowaday don't fit.

[diabolicengine]

[redacted]

[ErnestM]

Where did this news release originate from?

ErnestM

[bumblebee]

Ernest:

http://new.edp24.co.uk/content/news/s

and

http://news.bbc.co.uk/1/hi/england/no

Edited by bumblebee on Thursday 21st September 16:01

[ErnestM]

BBC really need to research their articles better. The only people that have been effected by any issues in the US right now are SUV makers. You can pick up an Expedition/Navigator/et al for crazy, stupid money in the US right now. Interest rates for cars are negligible right now. In fact, FOMOCO and Ford Motor Credit just recently had a 0% interest for everyone deal regardless of creditworthiness.

Fuel prices are also down and it's not just media hype. Petrol is $2.46 per gallon here in Central Florida and heading down. Distilled inventories are up and with the hurricane season turning out to be a dud, prices will be heading further south.

Lotus' current problem in the US is that they sell only one type of car for one type of buyer. They sell a weekend driver that, to many Americans, is impractical for daily use. Not saying that I agree, just that is what the public sentiment is. It's also viewed as a non-exotic. What Lotus needs is (1)the Elise or it's replacement - but in lower numbers as the market may be saturated (2)A practical mid level sports coupe that people can use as a daily driver and (3)The Esprit replacement in "sellable" numbers (less than 750 units per year in the US) The over $75k exotic, exclusive market is a segment that would probably never look at an Elise (although I do have a mate over here that loves his Ferraris but loves his Elise as well)

All IMHO

ErnestM

[V8 EOL]

Gutted!

Every since I was 8 I have wanted an Esprit. I have seriously considered a late v8 version but I am put off by reliability horror stories (here come the flames!)

I was looking forward to getting one of the (hopefully reliable) BMW powered beasts and finally fulfilling a dream.

Instead we are going to get some Protons for a couple of years instead. Oh joy.

I guess I might re-evaluate my prejudice towards the old V8s. I will do some searching.

[cross-eyed-twit]

Suppose it depends on how much you want to spend really, a reasonable V8 can be had for less than £20k but will still set you back a grand at least in maintenance a year.

I spend more on my 4 pot but then I have silly tastes in tyres and mods.