The Regional Growth Fund (RGF) has awarded Lotus £10.44 million, which will be used for research and development of products, along with staff training.
The grant is a further boost for Lotus, following a £100 million investment by its owners DRB-Hicom. The investment has allowed the company to enhance its engineering, productivity, efficiency and quality. Since then, Lotus has recruited more than 130 new personnel. The RGF-awarded grant is expected to create more than 300 new jobs at Lotus.
Business Secretary, Vince Cable said, “Lotus is an iconic British car maker, with some of the most innovative engineers in the business. The car industry is one of Britain’s great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year. The Government’s industrial strategy is working and giving business the confidence to invest, creating more high skilled, long term jobs in the UK”
Regional Growth Fund (RGF) is a flexible and competitive £3.2 billion fund operating across England from 2011 to 2017. It supports projects that are using private sector investment to create economic growth and sustainable employment.