Lotus wins £10 million government grant

26 November 2013 #SMMT News

Business Secretary, Vince Cable MP, has announced that Lotus has secured a grant of £10.44 million as part of the Regional Growth Fund (RGF), which will see the firm create more than 300 new jobs.

The grant will be used for research and development of products and staff training, and in addition Lotus will create 313 new full time jobs to support upcoming production.

Vince Cable visited the Lotus headquarters in Norfolk where he toured the engineering and factory facilities and formally announced the grant.

The grant is a further boost for Lotus, its owners recently invested £100 million into the company, which has allowed it to enhance its engineering, productivity, efficiency and quality.

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. Government’s industrial strategy is working and giving business the confidence to invest, creating more high skilled, long term jobs in the UK.”

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.”

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