Lotus CEO mulls return to profit image

Just last week we told you the British exotic sports car maker has announced it would move to cut a serious part of its workforce in order to streamline its money-losing business.

The situation is dire at the small manufacturer, which unlike bigger sport car producers has no multinational ownership to address its problems with cash infusions. While the maker has declined to provide any recent financial data, Lotus lost 159 million pounds in the fiscal year ending March 31, 2013. Now, the maker, owned by Malaysia’s industrial group DRB-Hicom said it would move to fire up to 325 people (total worldwide staff is of only 1,215 persons).

“It was a big decision and we deeply regret what we have to do it. But it’s about securing the future of Lotus,” comments Lotus CEO Jean-Marc Gales.

“What is important is that you deliver on time, to cost and to specification,” he added. “Previously, new product came with certain dates and those dates were not met. The current range has still got a lot of life left,” he continued. “Our values can be attached to any segment you can imagine.”

The 62-year old company, based in Norfolk, eastern England, has been “completely restructured” by Gales since his arrival. He intends to bring new cars “in the next two years,” and their main advantage will be the continued usage of the brand’s bonded aluminum chassis, which makes its cars lightweight and lightning fast.

Via Automotive News Europe