Lotus Receives £10.44 Million Grant for Research and Hiring

The British Government has given LotusLotusUnited Kingdom, 1952 > present68 models
951 photos
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a £10.44 million grant ($16.857 million) on November 25, 2013, from the Regional Growth Fund. Lotus says that that the money will be used for research and development of future products, staff training and hiring 313 new full time employees. Lotus’s owners DRB-HICOM invested a further £100 million in July 2013.

“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 at the forefront of global automotive innovation,” said Aslam Farikullah, Chief Operating Officer at Lotus.

Lotus says that it is currently developing its next generation of cars.

Lotus has been slowly rebuilding since firing its CEO in 2012. It announced that it had completed its restructuring in July and announced the Exige S RoadsterLotus Exige S RoadsterUnited Kingdom, 2012 > present5 photos
and Elise SLotus Elise SUnited Kingdom, 2011 > present2 photos
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Cup R this year.

The Regional Growth Fund is a £3.2 billion fund that is dispersing money in the private sector to create economic growth and employment through 2017.