Group Lotus' bid for a grant from the Regional Growth Fund has been successful, the Department for Business, Innovation and Skills has confirmed. The funding will help Norfolk-based Lotus in the creation of jobs and growth in the local area.
According to Lotus, the funding will support 'the industrial research element of the production' of their future product range. It will help to ensure that the manufacturing of Lotus cars remains in the UK in the coming years, as well as helping to create a 'considerable number of new jobs over the next five to six years'.
“This is great news for all those concerned about Group Lotus moving production overseas,” said CEO Dany Bahar. “To say that we're pleased with the result would be an understatement.
“We are an authentic British automotive manufacturer with an incredible heritage and an exciting future ahead, this funding will play a role in assisting with the realisation of our business plan to produce a new range of sports cars with best in class performance and emissions.
“We would like to thank everyone for their support during the bid process. The local authorities, MPs and the local enterprise partnership have all played a role in helping us secure this funding – we're very grateful, it's nice to know people feel strongly enough to act on our behalf.”
Business Secretary Vince Cable said: “We need to be doing all we can to enable businesses and organisations to create much needed jobs and inject private investment into the economy.
“We have announced today that a further 162 projects will benefit from the fund, and expect to deliver a huge number of jobs across their businesses and in the supply chain.
“This is a very significant boost to local communities, and the Regional Growth Fund will help businesses like Lotus to drive local growth.”