1,100 new jobs in Norfolk

[mdavies]

Lotus has confirmed that it will produce its new range of sports cars in the UK, creating 1,100 new jobs.

Lotus says its Esprit supercar, the Elite coupe, a new Elise roadster, the Eterne - a four-seat supercar - and a luxury electric motor the Ethos will be built at its factory in Norfolk.

Lotus says it plans to double its annual production to 6,000 cars by 2015.

It believes the knock-on effect of the extra work will create 800 new jobs in the supply chain.

A Government grant is understood to have aided the investment.

From Sky News

http://news.sky.com/home/business/article/16099876

Edited October 31, 2011 by mdavies

[Bibs]

I'm just contacting them for comment but they've been awarded the cash from the Regional Growth Fund finally!

http://www.edp24.co.uk/business/group_lotus_secures_regional_growth_fund_cash_1_1112926

[NedaSay]

That would be terrific news!

And wouldn't that mean a brand new factory?!

Funny how Sky News opted to display a picture of a Team Lotus employee working on the T127 F1!

Edited October 31, 2011 by NedaSay

[Bibs]

That's pretty poor research by sky!

[Gus82]

Great news indeed!

Interesting that they've reconfirmed all the proposed new models in their plans (with the exception of the cancelled Elan project). I still can't work out how they will make money on the Elise, but I'll be a very happy chap if they prove me wrong!!

[TLF News]

Click for article.

[NedaSay]

I think the logic for the next gen Elise roadster is the same logic used at Porsche for its Boxter... You make less of a net margin but you sell more of them than 911. As more than 75% of the component are the same you don't spend money over engineering the car! It all makes the project sustainable. Provided the go the Elise/Exige route again they'll charge clients a hefty premium for every Exige sold! Elise will be on sale at 35/40k and Exige will again be starting at 45/50k! While Evora will go upmarket with a higher starting price! Lotus will gain clear market segmentation in the mix too! They won't make a killing with Elise but it should again be the workhorse of the company!

[GavinT]

[Gus82]

I just wonder if the margins are a little too small at that end of the market while they try to pay off loans etc. And to my mind there are perhaps one or two to many new cars promised as these will all cost money to develop. Of course what may happen is that the Elise starts off with a bought in 4 cylinder engine at about £40,000 and then the Exige kicks in with an inhouse V6 at £55,000. If you then added V6 versions of the Esprit, Elite and Eterne then perhaps the need to replace the Evora at the end of the decade won't be so essential and allow the company to harvest the profits needed to pay off the loans and secure the future.

Anyway lets celebrate the good news. The fact that they have been given this loan suggests that the government has confidence that they will get the money back!!

Edited October 31, 2011 by Gus82

[DVR]

Mr. Bahar loves it when a plan comes together.

This guy is making it happen

[TLF News]

Now with official Press Release

[Stirling_Villeneuve]

Great news!!!

[Bibs]

More news and short piece with Bahar on the BBC.

http://www.bbc.co.uk/news/uk-england-norfolk-15519703

[Mario]

:thumbup:

[nello]

Brilliant!

[IanQ]

Great news. Now perhaps the Government or whoever will put some dual carriegeway on the A11 between Mildenhall and Elvedon so we can get there a bit more easily. As far as I know there are no dual roads entering Norfolk but plenty as soon as you get into the county after passport control

[fitz]

Ian you'll be pleased to know that the duelling is in progress, but be warned, i've got my pitch fork at the ready!

[fmxa]

This is truly outstanding news and a great day for Lotus!

[red vtec]

Chris Evans mentioned it on his radio show this morning, think he is slowly being adbsorbed into the Borg TLF collective.

[Kimbers]

Thats great news! At last, all that investment monies doing something to help the local economy!!

[ramjet]

Great news!

[Exploded]

Great news, if the money is really spent on creating new jobs, instead of funding the private jets for the current management.

[Bibs]

The management prefers helicopters to jets (although turbine powered ones...)

[Exploded]

:D

Good one!

[basalte]

That Mr. Cable must have liked his little ride in that Evora......very good news !