Lotus has received a £10 million ($17.6 million) grant from the UK government to expand its local research and development programs.
The grant, awarded to Lotus by the UK Regional Growth Fund (RGF) – a £3 billion ($5.3 million) fund to spur economic growth in Britain – was made with the expectation Lotus would use the funding to expand its operations, and employ up to 313 new full-time staff to support production in the future.
Lotus COO Aslam Farikullah said the grant would help Lotus meet future demand for its products.
“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.”
RGF business secretary Vince Cable said the grant was awarded to Lotus because it is an “iconic” British car maker, and the British car industry needs to be supported in the future.
“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 ($19.4 billion) a year.”
The grant comes after Lotus received a £100 million ($176 million) investment from its owners, DRB-Hicom, to focus on manufacturing productivity and efficiency, and vehicle quality, and announced it would employ 130 new staff.