British sports car manufacturer Lotus has been awarded a £10.44 million grant to help create more than 300 jobs. The grant comes from th Government’s Regional Growth Fund, which is a £3.2billion programme that supports projects that rely on private sector investment to create economic growth. The programme has already supported over 400 projects with £2.6billion.
This particular injection of cash follows a £100 million investment by Lotus’ owners, DRB-HICOM. The windfalls are expected to support production at Lotus over the coming years, helping enhance the company’s engineering, quality and productivity, as well as going towards the development of the next generation of Lotus cars.
Aslam Farikullah, Chief Operating Officer at Lotus, said: “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.
“We have very exciting plans for our sports cars and it’s a very positive move for Lotus that we’re in a position to create new jobs and to significantly contribute to Britain’s automotive industry.”
Business Secretary Vince Cable said: “Lotus is an iconic British car maker, with some of the most innovative engineers in the business. The car industry is one of Britain’s great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year. The Government’s industrial strategy is working and giving business the confidence to invest, creating more high skilled, long term jobs in the UK.
Are you excited by the prospect of new Lotus models? Let us know by posting a comment below.