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Lotus in the post DB era


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Nothing new here and its mainly about Proton. I've posted it mainly for the photo - a surprising number of Lotii in front of the new Malaysian showroom. As there appears to be a Europa at the front I assume its an owner gathering? Still, it looks like a healthy turn out  :thumbsup: 

 

http://biz.thestar.com.my/news/story.asp?file=/2013/1/17/business/12581620&sec=business

 

Interesting statement about returning Lotus not to profitability but to 'sustainability'. I wonder what that means?

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Just thinking, maybe we should close this thread and start a new one "Lotus in the JMG era" - in the hope that it will be a long and prosperous one.

Good hair but that last sentence earns him a kick in the balls next time I see him, what a knob.   http://www.sapu.net/want-a-e1m-car-like-nothing-else-on-the-road-dany-bahars-your-man/  

Yup, and it would be niggle free from lessons learnt from 5 years of Evora. Offer different engines/transmission packages... 1.6-1.8 turbo 3.5 Supercharged from Evora/Exige How can something th

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There have been some Europas and 2Elevens sat in Malaysia waiting for something to happen to them for some time. They're new, unregistered cars.

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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Less 'box in the ground', more 'box at the harbour' !! 

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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Interesting statement about returning Lotus not to profitability but to 'sustainability'. I wonder what that means?

 

 

It's a clear indication of how much DRB is willing to invest into the company.

 

I'd say they'll rid Lotus of most of the debt that is crippling the company right now and make the company attractive again for potential buyers.

 

If Proton's goal is to produce/sell 500,000 cars per year in the next 5 year they still won't have what it takes to keep Lotus.

 

If their plan include selling more cars for the Asian markets with the current line up they'll probably succeed interesting enough it was TF plan.

Edited by NedaSay
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.. more 'box at the harbour' !! 

so it is like those pictures three years ago, with lots of Toyota cars unsold waiting in the weather ?

 

..are those Europas LHD or RHD production

-as apart from the emission-class vs. 'firts registration date' problem there would be still some interest in those cars overhere

Edited by Günter

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137 Lotus cars were registered in the UK last year (sales, demos etc.) but on top of that there were the exported cars which I suspect is a higher figure.

Edited by amoss
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80%+ of cars are exported traditionally.

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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and a lot of those 'Exports' rot in a harbour, in China.. Malaysia or somewhere else  -unsold? 

Or what happened with those 'rumorous cars' there two years ago ??

 

What brings me to the next questions:

..do we speak here only about Hethel production-numbers ?

Are the cars in the 'Malaysia picture' (from the link that hedgerley posted above) actually those with 'Malaysia-VIN' ?

Edited by Günter

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Well while the heavy lifting continues somewhere between Hethel and KL the PR team keeps on placing cars in potential blockbusters ; http://trailers.apple.com/trailers/summit/red2/

 

Looks like this time the new Exige S is going to star in RED 2!

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Gunter I don't know about now. If DRB are switched on they will move the cars that were sitting. Infact they may already have.

Possibly save your life. Check out this website.
http://everyman-campaign.org/

 

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Quoting from the Star article Hedgerley posted above, isn't this the critical live/die factor at the moment?

 

".... currently talking to the consortium of bankers to release the remainder of the £270mil syndicated loan given to the UK-based carmaker ........... we have presented our plan for Lotus."

 

Or, if the response is a No, could DRB provide or raise other finance for Lotus?

Edited by mdavies
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As I understand, DRB have already put £200m into Lotus in their first 12 months of ownership. They're not shy of a quid...

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

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I don't think Lotus saw a lot of that £200m. The bank loans to Lotus were capped after the takeover and most of that money likely went to pay off the open obligations.

 

In fact, did we ever hear hwat came of these bank loans? At some point I remember reading they were terminated, which would mean that DRB would have to pay them out. 

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By way of clarification, this is the loan situation as per the Lotus Cars Limited 2012 Year End Accounts (to 31 march 2012) -

 

IMAG0183.jpg

 

And as for the Breach of Covenant, which was rectified after the accounts were filed - 

 

IMAG0184.jpg

 

Of course a lot has happened since the accounts were filed but I assume the negotiations referred to in the recent news piece are still ongoing. DRB are waiting for approval of their plan from the banks. One would hope this would mean any outstanding monies can be drawn down and/or the facility extended. As a minimum DRB will probably expect an extension to the repayment schedule.

 

All speculation of course. Which is fun....

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Thx for the clarification

If you have the choice between a Stairway to Heaven and a Highway to Hell don't forget the Nomex®!

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This is interesting - I've seen no mention of their connections with Westfield before?

 

http://www.bernama.com/bernama/v6/newsbusiness.php?id=922869

 

I think we are beginning to see the beginnings of some serious effort by DRB. Fingers crossed it continues and indeed accelerates. But I am a glass half full kind of guy....

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Assuming that the Bernama phrases I've picked out have been "translated" into English (from the underlying Malaysian concept, even if written in English for that piece) there does seem plenty of room to speculate. I've highlighted what seem to be the key words.

.... automotive brands "under" DRB-HICOM Group, namely Proton, Lotus, Westfield ......

... DRB-HICOM ....... that "carries" multiple and reputable brands.....

Re Westfield, is it more than only being the local distributor? I am surprised, as I didn't think Westfield - great in their way of course - had that status. In Malaysia, with DRB behind them, I guess they do have!

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  • 2 weeks later...

KUALA LUMPUR: Malaysian conglomerate DRB HICOM is confident it can turn around loss-making sports car manufacturer Lotus in two to three years.

The company recently dispelled rumours it's selling off the British motoring legend by setting up its first regional showroom in Asia.

Spanning over 10,000 square metres, the Lotus flagship showroom located along Kuala Lumpur's Penchala Link is a haven for its fans.

On display are Lotus' latest sports car models, including its Formula One race car.

It also features the widest selection of Lotus accessories and merchandise, as well as a service centre, a club house, and a gallery documenting the iconic British brand's 60-year history.

The message is clear from its parent company DRB HICOM that Lotus is not for sale.


In fact, it has invested US$2.5 million to set up a regional flagship showroom and service centre, and set ambitious sales targets, as it officially launched two new models.

They are the Exige S and the Elise S, with a price range of between US$110,000 and US$150,000.

There's also the Evora, which offers a manual and an auto version.

Lotus, which is owned by Malaysia's national car manufacturer Proton, aims to sell up to 3,500 of these cars this year, especially in North America, China, Japan and Middle East markets.

It has so far received 600 orders.

The Chairman of Lotus Group International is a car enthusiast, and he is determined to nurse the heavily-indebted legendary sports car manufacturer back to health.

Mr Mohd Khamil Jamil, Chairman of Lotus Group International, said: "No doubt that the damage or whatever the situation at Lotus was quite severe, but nothing is short of repair. We reckon that with the expertise we have at Lotus and the expertise that we have in Proton, we can work together and synergize and make Lotus into a profitable company which is commercially driven.

"Unfortunately, during the 15 or 16 years or so that Proton had gotten Lotus within their wings, they have not explored as much as possible to make use of whatever benefits they could derive from Lotus."

On how much time needed to turn around the company and to stop Lotus from bleeding, Mr Mohd Khamil said certain culture and practices entrenched in Lotus needs to be changed.

"Right now, I think we have reduced quite substantially in terms of overheads alone. We have reduced by more than one million pounds a month. And I believe with the astute management by the team now, we can reduce it even further. At the end of the day, I reckon that we may take about two to three years for us to ensure that Lotus can be sustainable," he said.

With a new management at the helm, Lotus aims to slash its costs by 25 per cent, and rev up its marketing campaigns to improve its visibility and sales worldwide.

Channelnewsasia.com  31st Jan 2013

 

http://www.channelnewsasia.com/stories/corporatenews/view/1251420/1/.html

 

'rev up its marketing campaigns' ... I'll believe it when I see it, but fingers crossed

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Ben

with the amount of money put into Lotus over the last year by DRB/HICOM, I don't doubt they will push the brand. DRB seem pretty commited to sorting Lotus cars out to me.

perhaps you need to get your check book out and get a Lotus?

Darryl & Sue

Proud to drive and own a true British supercar the Evora GT430

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