Lotus receives British Government's Regional Growth Fund

Andross Moonah - CAP staff
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Lotus, the iconic British automaker known for such sports cars as the Elan, Esprit and Elise has recently received important financial support from the British Government. The Department for Business, Innovation and Skills has accepted Lotus's application for funding from its Regional Growth Fund. Meant to support growth within the United Kingdom, the Regional Growth Fund helps private sector organizations invest in new projects that ultimately result in the creation of new jobs and long-term growth.

Lotus plans to use the grant for industrial research into the production of future models. The British automaker is also committed to ensuring that vehicle production remains stationed in the UK for the foreseeable future. With these goals in mind, Lotus expects to create a 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; to say that we're pleased with the result would be an understatement." said Group Lotus Chief Executive Officer, Dany Bahar. "We are an authentic British automotive manufacturer with an incredible heritage and an exciting future ahead, and this funding will play a role in assisting with the realization of our business plan to produce a new range of sports cars with best-in-class performance and emissions."

The Regional Growth Fund is a  £1.4 billion fund that's scheduled to operate from 2011 and 2014. In addition to stimulating private sector organizations, the Regional Growth Fund is also meant to encourage communities to switch from public sector dependence to "private sector-led growth and prosperity."

"We need to be doing all we can to enable businesses and organizations to create much needed jobs and inject private investment into the economy," said Business Secretary Vince Cable. "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."

©(Copyright Canadian Auto Press)

Topics: Lotus, Government, United Kingdom, R,

Geographic location: United Kingdom

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