Lotus suffered a £42.6m pre-tax loss last year due to production difficulties and restructuring costs.
MG Rover has renewed contact with Malaysian national carmaker Proton and its UK sports car and engineering subsidiary, Group Lotus, on possible long-term engineering and technical collaboration on new models, reports the FT today.
Prodrive chairman David Richards, a former world title-winning rally co-driver and navigator, was renowned for making rapid decisions on winding forest tracks. Now he applies corresponding nerve and meticulous preparation to negotiate the concealed curves of business life.
Lotus has cancelled next year's launch of a new sports car, codenamed the M250.
New Lotus Elise production delays are believed to be behind the retirement of chief executive Chris Knight, 58, who was replaced by non-executive director Terry Playle, 68.
The Lotus Group has appointed a new chief executive, Terry Playle, to replace Chris Knight, who is retiring after four years in the post.
Proton, which owns Lotus, has confirmed talks with Rover about future joint ventures and new model development. The Malaysian carmaker's move could throw a lifeline to Rover which desperately needs a cash-rich partner.
Vauxhall has reduced the price of its top selling executive car, the Omega, while Seat cuts choices in its Toledo range in half.
The replacement for the Lantra will be badged Elantra in the UK by Hyundai Cars UK as long as Lotus - owner of the Elan name - does not object.
