1988 Lotus Esprit Turbo 40th Anniversary Edition - Rare #57 Of 88 Made on 2040-cars

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Lotus to layoff a quarter of its workforce

Lotus has issued a press release to day, wherein it indicates that a "need to both reshape its organisation and to reduce costs" may result in the loss of "up to 325" jobs. That's a fairly significant number of layoffs for any company, but considering that Lotus currently employs 1,215 people (per the company's bio in the same release), it could mean a full 25-percent of the automaker's workers could soon be sharpening their resumes.
CEO Jean-Marc Gales says in the statement that Lotus has "worked very hard to avoid the need to make this proposal," but admits that it is now "essential" to the future of the company. The chief indicates that post-restructuring, he expects Lotus to be a "leaner" and "more competitive" organization, one which - and we can all see a little silver lining here - is focused on "producing class-leading sports cars and innovative engineering."
The 325-job number appears to be soft at this point, with the statement indicating that some negotiation about which and how many posts will be cut is yet to come. Further, the company may "redeploy" some employees, and may even recruit new blood for "key roles," all with an eye toward running the strongest possible team going forward. Though, we imagine that the recruitment bit won't fly well for those employees getting the sack.

Lotus to receive $16M government grant

Troubled British automaker Lotus is getting a second infusion of cash following a 100-million-pound ($161.5-million) investment by its parent company DRB-Hicom that was made in August. The substantially smaller investment, a mere 10 million pounds ($16.2 million), comes from the British government's Regional Growth Fund.
The fund, which is part of a 3-billion-pound ($4.8-billion) fund to spur economic growth in the UK, will allow Lotus to invest even further in research and development as it seeks to reinvent its lineup of lightweight sports cars. The fund will also allow the UK-based outfit to provide further training for its new crop of employees.
"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 as the forefront of global automotive innovation," said Aslam Farikullah (shown above with UK Business Secretary Vince Cable MP), the chief operating officer at Lotus.

Lotus supposedly working up a new Elan, again

Geely's investment in Volvo, and giving Volvo the freedom to do what Volvo knows how to do, propelled the Swedish automaker to another level. This could be the year English automaker Lotus begins the same climb. Late last year, Bloomberg said Geely committed an initial $2 billion to the Lotus renaissance. That number was low, the Financial Times reporting Geely planned to invest billions over the next five years. In May this year, Lotus announced it was hiring 200 new engineers and opening a new engineering center to develop a new range of SUVs, GTs, and sedans that would expand consumer appeal to triple its current annual volume. Sports cars are a vital part of the new mix as well, Autocar citing Lotus insiders for a report that a new Elan convertible sports car has "a strong possibility of being revived in the next few years" as a nameplate.    Lotus made a splash about bringing back the Elan — along with a new Esprit, Eterne, Elise, Elite, and city car — at the 2010 Paris Motor Show. That was a very different Lotus, when Malaysian automaker Proton owned the English outfit and ex-Ferrari marketing honcho Dany Bahar manned the helm. In spite of promises of funding, the team at Hethel lurched through years of corporate drama and dire finances until Geely took over in 2017. The latest Elan whispers sketch a convertible targeting the Porsche 718 Boxster - Lotus in general has Porsche in its sights. The car pictured above is from the first re-animation of the Elan badge, from 1989 to 1995. A coming Elan would sit above the Elise in the lineup, with more space, amenities, and luxury, at the same time as it would focus on being the lightest and most agile in the segment. Before that arrives, however, Lotus needs to finish developing the sports car platform that will help carry the brand's new range for the next decade; The Lotus SUV uses Volvo's SPA architecture that carries the XC90 and XC60. CEO Phil Popham's Vision-80 program — which now seeks to grow annual volume not merely triple but six-fold to 10,000 cars by 2029 — will be centered around the multi-material architecture that replaces the Elise and Evora architectures presently employed. Due in two years, the rivet-bonded "alloy-core" chassis will likely include carbon fiber and other advanced materials.