Lotus becomes one global company as tech arm acquires UK operations
One single entity will look after all areas of the business, rather than separate arms.
Lotus will become a single entity after the tech arm acquires the brand’s UK operations.
Now, Lotus Technology, which is billed as a luxury mobility provider and is headquartered in Wuhan, China, owns 100 per cent of Lotus UK, the sports car creator which is based in Hethel, Norfolk. The move also sees Lotus Technology take ownership of the consultancy Lotus Engineering.
It means that the brand’s UK operations and Chinese side are now under one umbrella, rather than working as separate entities.
Qingfeng Feng, chief executive officer of Lotus Tech, said: “Lotus is one brand and one strategy, and from today it is one business. Everything that makes Lotus a Lotus – the engineering, the obsession, the discipline – now sits in a single organisation.
“It unifies the brand, increasing our global competitiveness and accelerating product development and go-to-market speed. This is an important step in advancing our Focus 2030 strategy and embarking on the next chapter of Lotus’ global revitalisation.”
The brand’s Focus 2030 strategy, announced in May this year, will see Lotus move away from an all-electric plan in favour of a multi-energy approach which could see greater use of hybrids across the range. However, Lotus will still continue to focus on lightweight design and driver engagement as key pillars.
Lotus says that its Hethel manufacturing remains ‘central to the group’s future’ and looks likely to continue production of the brand’s lightweight sports cars. It added that by bringing the two arms under one umbrella, it will ‘create opportunities for greater operational efficiency’.