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Lotus to receive $16M government grant

Troubled British automaker Lotus is getting a second infusion of cash following a 100-million-pound ($161.5-million) investment by its parent company DRB-Hicom that was made in August. The substantially smaller investment, a mere 10 million pounds ($16.2 million), comes from the British government's Regional Growth Fund.
The fund, which is part of a 3-billion-pound ($4.8-billion) fund to spur economic growth in the UK, will allow Lotus to invest even further in research and development as it seeks to reinvent its lineup of lightweight sports cars. The fund will also allow the UK-based outfit to provide further training for its new crop of employees.
"This grant is part of a wider strategy for Lotus created to ensure we thrive and grow. We are responding to increased global demand for our cars and engineering consultancy services and this grant will help to position Lotus as the forefront of global automotive innovation," said Aslam Farikullah (shown above with UK Business Secretary Vince Cable MP), the chief operating officer at Lotus.

Genii capitalizing on Lotus F1 tech with new sports car?

Detractors will tell you that there's little to be applied from Formula One racing to the cars we drive, but what about the cars most of us could only dream of driving? We're talking about supercars from the likes of Ferrari and McLaren - two hugely successful F1 racing teams that have successfully made the transition into building exotic sports cars for the road. And soon there may be one more.
That would be the Lotus F1 Team, which is rumored to be working on a sports car project of its own. Now we know what you might be thinking: Lotus already makes sports cars. Indeed they do, only the F1 team has nothing more to do with the automaker behind the Exige and Evora than the name they share. Today the team (formerly known as Toleman, Benetton and Renault) is owned by Genii Capital, whose chairman Gerald Lopez recently confirmed the rumors to Auto Motor und Sport: "We are going to develop a carbon chassis for a sports car that can be built in large quantities.... But this has nothing to do with Formula 1."
With little to nothing in the way of details available, the circulating rumors had tied the venture to on-again, off-again Italian auto marque De Tomaso. But our source at ATS (which recently bought the rights to the De Tomaso name following Gian Mario Rossignolo's aborted attempt to revive it) firmly denied the prospect of any such collaboration. Spokesmen for the Lotus F1 Team would not divulge any information; neither would the press office for parent company Genii Capital, leaving the door wide open to speculation once again.

Lotus settles with ex-CEO Dany Bahar, avoids London High Court

Five years after it began, it appears the Dany Bahar tenure at Lotus is finally over. After former Lotus owner Proton brought in the ex-Ferrari and Red Bull marketing savant to run the company in 2009, everything had gone pear-shaped by 2012: Proton had been sold to Malaysian auto supplier DRB-Hicom, who suspended Bahar and then fired him for what it said were expense-account transgressions (although Bob Lutz reportedly said something different).
The separation led to the expected suit and countersuit, Lotus going after Bahar to get its money back, Bahar filing a $10.6-million suit againt Lotus for wrongful termination and potential bonus money. The case was set to go to trial next month but both parties have settled, the terms undisclosed, a DRB-Hicom statement saying only that "the parties involved in the legal suit have signed a Settlement Agreement and Release... and have agreed to withdraw their claims against each other."
Now that that bit of housecleaning is all cleared up, can new CEO Jean-Marc Gales please get our Esprit?