All Those Special Edition Lotus Models Have Paid Off
Lotus has announced it is now fully self-sufficient and sustainable.
Lotus finished its financial year 2016/2017 on plan, the company said, closing the year with positive EBITDA of £2.0 million ($2.6 million), a major improvement compared to 2015/2016 where a £16.3-million ($21.16 million) loss was recorded. The British sports car maker also said there was a significant improvement in Profit Before Tax, from a £41.2-million ($53.5 million) loss in 2015/2016 to a £11.2-million ($14.54 million) loss overall in 2016/2017. Looking towards the future, Lotus believes it will return to full year Profit Before Tax for fiscal year 2017/2018.
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The company attributes its turnaround success to a revamped product portfolio, including the Evora, Exige, Elise, and the new 3-Eleven. It has also expanded its dealership network from 138 locations in 2014 to 215 today.
Most recently, China’s Geely acquired a majority stake holding in Lotus, which will help the automaker develop its next generation of sports cars.
“This is a proud moment for Lotus and to have achieved so much is testament to the hard work of all our staff,” said Lotus CEO Jean-Marc Gales. “Our vastly improved profitability, together with an increase in revenue means that for the first time in many years Lotus is now a self-sufficient and sustainable business.”
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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