Lotus and former CEO Dany Bahar are no longer preparing to lock horns in London’s High Court.
The company dropped its claims against Bahar as did he of the Lotus. Bahar was fired from his position at the sports car manufacturer for what was seen as poor financial management shortly after Proton, its parent company, was acquired in 2012 by Malaysian DRB Hicomm. Financial terms of the settlement were not haven’t been announced, but last week DRB told its home stock exchange that a deal had been reached.
Bahar came to Lotus from Ferrari in 2009 and rolled out an aggressive plan to release five new models previewed at the 2010 Paris Motor Show including a sedan concept.
Earlier this month, Lotus officially named Jean-Marc Gale, 51, its new CEO. Gale is also a board member of the company and had been running it for the past two years since Bahar’s departure.
DRB has also already announced that it plans to invest £100 million in Lotus and hopes to see the British brand achieve between 4,000 and 5,000 annual sales by 2015, up from just 1,043 in 2012.
Discuss this story at our Lotus forum