With rumors of a future for Lotus swirling, the company will live on as its new owner DRB-Hicom has signed off on a three-year plan to fund the British sports car maker.
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Lotus Group’s parent company DRB Hicom is predicting some lofty goals for the small sports car company, confident that by 2015 the brand will be selling between 4,000 and 5,000 units per year.
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Lotus production will remain in Britain according to parent company DRB-HICOM’s Chief Operating Officer Aslam Farikullah.
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Far from its conclusion, the saga between Lotus and former CEO Dany Bahar will soldier on now that the ex exec is suing for 6.7 million pounds ($10.6 million).
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Following Lotus CEO Dany Bahar’s termination, the brand is abandoning the plan he championed to bring six new sports cars to market using the company’s engines and transmissions.
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Rumors have been quick to swirl around Lotus and its CEO, Dany Bahar, this year including speculation that trouble with the company brewed beneath the surface. Those rumors were repeatedly dismissed, but now the word is out: Bahar has been temporarily suspended.
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Poor Lotus. The company that just wants to make cool cars is still caught in the middle of a corporate acquisition that threatens the company’s existence one day and reassuringly cooes to it the next.
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British sports car firm Lotus has been battling with finances and trying to secure its future ever since its parent company Proton, which was Malaysian state owned, was sold to DRB-Hicom.
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Lotus‘ Malaysian owner DRB-Hicom is seking a Chinese buyer for the brand as recently as last night, flying in the face of information included in the automaker’s much-publicized “rant” press release from April 12.
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When sports car company Lotus had announced the end of its title sponsorship of the Lotus F1 team, a red flag was raised as concerns over Group Lotus’ financial problems surfaced. Now, new reports reveal that the troubles facing the automaker are more than meets the eye. Earlier warning signs were brought to attention this year...
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Despite terminating its title sponsorship deal with Group Lotus, Lotus is committed to keeping its name in Formula 1 for the imminent feature. Confused? You should be. Group Lotus was recently sold by Proton to Malaysian automotive corporation DRB-Hicom, causing Lotus F1’s team owner Genii Capital to end its formal relationship with Lotus. Just a...
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It’s hard out there for a sports car manufacturer, especially if it is owned by a larger company. Lotus has been owned by the Malaysian car company Proton since 1995, when the company was bought from the then bankrupting Bugatti (which itself got eventually bought out by VW). Over the last 17-years, Lotus has not...
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In a deal eclipsing $410 million, DRB-Hicom purchased a 43 percent stake in Proton, a Malaysian automaker better known for its ownership of the famous British sports car brand, Lotus. Originally, the stake belonged to Malaysia’s state-owned Khazanah Nasional Bhd. However, as Proton has not made a profit in the last two years, multiple prospective...
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