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.
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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