News Contact Us

Lotus works on hypercar with expansion in Midlands & 200 new staff

Author : Pankaj Singh | Published Date : 2019-05-13 

Lotus, the British sports car manufacturer, recently announced that it will be hiring 200 engineers as it seeks to triple its yearly car production capacity.

Reliable reports cite that the car manufacturer, in a bid to reinvent itself, will be increasing its car production to 5,000 per year with the opening of an engineering center in the Midlands. This would be the first time that Lotus will be looking to expand its business beyond Norfolk.

Geely, the fast expanding Chinese automotive manufacturing company acquired a controlling stake in Lotus in 2017 for £100 million. According to sources, Lotus CEO, Phil Popham has been reported to say that the move to step up turnaround of Lotus is a part of the demonstration of intent expressed by Geely through its multibillion-dollar deal. The move also includes the lunching of a hypercar which is anticipated to be priced over £1 million.

According to experts, Geely’s acquisition of stakes in the 70-year-old automotive manufacturer is aimed at earning profitable turnaround that Geely has already managed to achieve with black cab manufacturer LEVC as well as with Volvo.

Lotus’s announcement to hire is in direct contrast with the rest of the automotive world where job cuts have created a havoc. While JLR has cut off 10% of its workforce, Honda is planning to close its plant at Swindon and Ford is anticipated to lay off 1,000 employees.

Lotus on the other hand has been bankrolled by Geely to set it on the tracks of producing a car that has been unforeseen by the world.

According to reliable sources, Lotus is currently designing an all-electric hypercar named Project 130. The 2,000-horsepower super car is being designed to achieve 200mph while maintaining the superb aerodynamics and lightweight attributes that established Lotus as a premium car manufacturer.

Lotus has been a marquee that formerly ruled the Formula 1 scene and even developed Esprit, the 007 submarine. But the company suffered under a line of cash-strapped owners and racked up losses of £600 million under its previous owner, Drb-hicom of Malaysia.

Sources cite that the latest move is supposed to demonstrate that Lotus is ready to regain its place as a frontrunner in the auto industry.



About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Oyo suspends MGB contracts for property owners due to reduced revenues

Published Date: 2020-07-01         Author: Pankaj Singh

The adverse impact of COVID-19 pandemic is becoming more and more evident across the world. It is being speculated that  nothing of this magnitude has been observed for more than 100 years since the 1918 Spanish Flu pandemic. Till now, over ten million people have been infected in over 200 nati... Read More

Universal Studios postpones the opening of Nintendo-themed area

Published Date: 2020-06-30         Author: Pankaj Singh

The ongoing COVID-19 pandemic has claimed the lives of over half a million people and affected more than ten millions around the world. As the current situation is worsening, many world events as well as the opening of theme parks have been canceled or postponed in order to reduce the spread of the ... Read More

CBA refuses to accept penalty claims after alleged 390,000 breaches

Published Date: 2020-06-24         Author: Pankaj Singh

Australian banking major Commonwealth Bank has reportedly refused that it is facing penalties that could expand into billions of dollars post accusation of 390,000 breaches through superannuation sales. The Australian Securities and Investments Commission has alleged that CBA had secured $22 million... Read More

© 2020 Fractovia. All Rights Reserved