Report: Lotus Unable To Secure Local Government Money

  1. Welcome to GM Inside News Forum – General discussion forum for GM

    Welcome to GM Inside News Forum - a website dedicated to all things GM.

    You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, at no cost, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, Join GM Inside News Forum today!
     
Results 1 to 3 of 3

Thread: Report: Lotus Unable To Secure Local Government Money

  1. #1
    6.2 Liter LS9 Supercharged V8 Premium Member ne_one's Avatar
    Join Date
    Sep 2008
    Location
    St. Catharines, Ontario
    Posts
    9,586
    Thanks
    257
    Thanked 96 Times in 51 Posts

    Report: Lotus Unable To Secure Local Government Money

    Report: Lotus Unable To Secure Local Government Money
    Autoblog
    April 14, 2011
    by Chris Shunk


    When Lotus ushered out a plethora of new concept vehicles at the 2010 Paris Motor Show, we were more than a bit surprised. Sure, many of the designs had no chance of making it to production, but even a new Elan or Esprit would cost the boutique automaker millions to build – money Lotus simply doesn't have.

    Auto Express reports that the English Department for Business, Innovation and Skills (BIS) has turned down the automaker's application for a £27.5 million loan ($50 million U.S.). The money was reportedly sought in order to build a new plant in Hethel, Norfolk, that would have produced some of new models while also employing another 1,200 Brits. The BIS turned down Lotus in spite of the fact that the government body had already approved £450 million in loans to automakers like Jaguar and General Motors.

    The automaker is no doubt disappointed with the decision not to allow the loan, but Team Lotus isn't going down without a fight. Lotus released a statement saying that the automaker was exploring all options, adding that a next step could be "submitting an updated bid for round two of the RGF (government loan), which is set to close on July 1."

    What does this latest setback mean to Lotus? We're not privy to the automaker's financial statements, but we're guessing Lotus really needs this money to build any and all of its new products. If it doesn't get the proper financing, we're thinking that there may not be any new Lotus models anytime soon.

  2. Remove Advertisements
    GM Inside News
    Advertisements
     

  3. #2
    6.2 Liter LS3 V8 voyager's Avatar
    Join Date
    Apr 2009
    Location
    Amsterdam, Netherlands
    Posts
    3,941
    Thanks
    119
    Thanked 463 Times in 329 Posts
    My Ride
    Guzzi Monza Alfa Romeo 156SW

    Re: Report: Lotus Unable To Secure Local Government Money

    Lotus overdid it by showing 6 new models to the public, while their bread 'n' butter Elise is still there, after 12 years or so.
    Hidden Content GeneratinGMobilizing
    Hidden Content

  4. #3
    Walking
    Join Date
    May 2011
    Posts
    1
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: Report: Lotus Unable To Secure Local Government Money

    Thank you so much for your post.

  5. Remove Advertisements
    GM Inside News
    Advertisements
     

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered by vBadvanced CMPS v4.1.2