British sports car manufacturer Lotus is adding 200 new engineers to its workforce as part of an ambitious production increase plan bankrolled by Chinese owner Geely.
The Telegraph reports that Lotus is looking to triple production to 5,000 cars a year and will also open an engineering center in the Midlands. These plans come courtesy of a multibillion-dollar investment from Geely that will also see the niche car manufacturer launch a hypercar.
“Lotus has been in survival mode for many years,” CEO Phil Popham said. “We’re taking on people here and also in the Midlands. We need to tap into the industrial resource outside Norfolk to help our growth.”
Chinese giant Geely took a controlling stake in Lotus back in 2017 as part of a £100 million ($129.57 million) deal. The man behind Geely, billionaire Li Shufu, wants to turn around Lotus after years of losses and make it a credible rival to the world’s best supercar makers.
Exactly one month ago, Lotus confirmed that it is developing its first-ever hypercar. Currently dubbed ‘Type 130’, the vehicle will be powered by an all-electric powertrain developed by Williams Advanced Engineering and is rumored that it will pump out at least 1000 hp.
The Lotus Type 130 will be unveiled later this year, although no specific date has been provided yet.