Group Lotus is set for a bright future with a greatly expanded and
extended car model programme and new opportunities for the engineering
business on a re-aligned basis.
Following a major review of the entire business and with the full
support of the Lotus Group International Limited (LGIL) holding company
board, Lotus intends to launch two additional new models over the next
three years. This is in addition to the new Esprit, which will top the
range as the company's future flagship sports car.
The two additional models will be a new mid-range Lotus set for launch
in December 2008 and a Lotus/Proton high-performance model, due in May
2008. The flagship Esprit replacement, whose introduction has been
extended to incorporate more Lotus "DNA" and other enhancements to meet
the changing needs of the global marketplace, will be unveiled in
December 2009. The review also highlighted opportunities for growth in
the engineering consultancy business, including expansion in new
markets, joint ventures and strategic alliances.
Mike Kimberley, Chief Executive Officer, Group Lotus said: "We are very
pleased to have secured LGIL Board approval for a high-level five-year
strategic business plan - the first such approved plan that this
company has had in the last six years. We have some great opportunities
ahead of us and some already under way. It's a very bright future but
we have to work hard to bring all the opportunities to fruition."
The current Lotus model range includes the award-winning and
class-leading Elise and Exige with the recently-introduced Europa S.
The three new models, all to be sold through the Lotus dealer network,
will address new market segments and allow Lotus to extend its appeal
to a wider customer base. Development work on two of the three new
models is already ongoing and will increase significantly in future
months.
Responding to a general economic downturn in certain key markets, Lotus
has recently reduced production of its iconic Elise and Exige models.
It also expects to 'right-size' its workforce to match capacity with
global demand and to minimise overheads.
Mike Kimberley concluded "Like many other carmakers we need to tighten
our belts in the short term. It is essential we respond fast to market
conditions while we drive forward this exciting long-term plan. Our
shareholder Proton has been and is very supportive of Group Lotus plc,
with strong backing for our realignment plans."
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