It seems that a financial and product recovery is finally underway.
It’s been some time since we’ve been given an update regarding the financial ups and downs (mostly downs) of Lotus. The UK-based sports car builder got a new owner last year, but its finances were still well below par. Last March Lotus reported that it lost a record-breaking £168 million for the 2012-2013 financial year. Fortunately, its new CEO, Aslam Farikullah, has been working on a plan to get things back into shape.
For starters, he’s been cutting costs while still managing to expand sales, namely in the UK where there was an 86 percent sales boost for 2013. The Chinese market has also been solid, and there’s currently a four-month long wait list for cars. Farikullah, an engineer by trade, has also introduced changes to the manufacturing process which in turn has improved overall quality. He recently stated to Autocar that "the (financial) loss was expected. We want Lotus to be at the forefront of automotive success and innovation, and we’ve spent the past 18 months laying the foundations." He’s also convinced shareholders to contribute some £100 million to keep the lights on at Hethel.