Remember that gag photo of Dany Bahar from sniffpetrol.com and the subsequent press release from Group Lotus? We covered it. Well, it seems that it could have carried some grain of truth because everything is fine and dandy in Lotus Cars… at least for now.
Autocar UK has recently reported that DRB-Hicom have opened up the cash pipeline and channelled it to Lotus Cars. This allows the Hethel-based company to produce cars at maximum capacity.
The plan is to get the new Esprit, which is the first of the five new-wave models, to roll into showrooms by the end of 2013. It confirms our earlier post, except that the launch might not be in time for spring. The fates of the other proposed models are still in limbo.
The secured cash flow also means that Lotus will continue with the development of its own V8 engine and automated manual transmission. Production of the current Elises, Exiges and Evoras can also resume thanks to the lifeline.
In regards to the recent report by Bloomberg that KPMG was appointed to “reevaluate Lotus with a view to sell” Dany Bahar said that there was “no fire sale, no selling process and no bidding.”
Dany Bahar’s stance has strong backing from DRB-Hicom, as stated in a Bernama report. The same report said that Group Managing Director Datuk Seri Mohd Khamil Jamil hired KPMG even before the acquisition of Proton.
Autocar’s report also carried a comment, by Dany Bahar, that a top-ranking Proton employee, the CFO of Proton Group, has joined Lotus’ top management. It is move that the Lotus Cars’ CEO welcomes.
Read the full report by Autocar UK here.
Read Bloomberg’s report here.
Read Bernama’s report here.
© 2012 Paul Tan's Automotive News. All Rights Reserved.
This story originally appeared on Paul Tan's Automotive News on Tue, 01 May 12 00:33:49 +0000.
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