Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Lotus suing former CEO Bahar over spending on homes, helicopters and watches]]>http://www.autoblog.com/2012/12/03/lotus-suing-former-ceo-bahar-over-spending-on-homes-helicopters/http://www.autoblog.com/2012/12/03/lotus-suing-former-ceo-bahar-over-spending-on-homes-helicopters/http://www.autoblog.com/2012/12/03/lotus-suing-former-ceo-bahar-over-spending-on-homes-helicopters/#commentsFiled under: , , , ,

Dany Bahar

More details have come out about the legal suit and countersuit being contested between Lotus cars owner DRB-Hicom and former CEO of Lotus Dany Bahar. Bahar was brought in by Malaysian car company Proton in 2009 to turn Lotus around, and events during his tenure have made just about everyone wonder "What's going on?" That's not unusual - it can take a minute to figure things out when a new leader takes everything in a new direction - but in this case the clouds didn't clear quickly enough.

When the Malaysian government sold Proton to Malaysian auto supplier DRB-Hicom earlier this year, a forensic accounting team from Ernst & Young and The Rothschild Group started going over the books. Not long after, Bahar was suspended in June from his position and then fired. In his countersuit against DRB-Hicom, claims of lavish spending began to surface. Then the stories and leaks and rumors really began, the UK's Financial Mail reporting on more than one million pounds spent on private flights and home renovations, the New Zealand Herald talking about other executives sacked so that DRB could rearrange a 270-million-pound bank loan to Lotus, and rumors on forums about Bahar flying from his home in Norfolk to Hethel HQ and spending 30,000 pounds on motorsports books for his office.

In the latest Bloomberg report it is said that DRB-Hicom seeks 2.5 million pounds ($4 million US) from Bahar "for unauthorized expenses and overpaid salary and bonuses," including the purported expense of 3,000 pounds on watches for company managers. DRB-Hicom also says Bahar made damaging statements to the media, on top of breaching his contractual duties. Bahar's countersuit seeks $10.6 million from DRB-Hicom.

Steve Davies at SkiddMark.com has written an excellent, reasoned piece on the other less-salacious issues of contention between DRB-Hicom, Bahar and the consortium of banks that made the 270-million-pound loan. It will probably be a while longer, if ever, before we really know what happened inside the walls of Hethel to get matters to this point.

Lotus suing former CEO Bahar over spending on homes, helicopters and watches originally appeared on Autoblog on Mon, 03 Dec 2012 09:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardrbdrb-hicomlawsuitlotusprotonukMon, 03 Dec 2012 09:31:00 EST http://www.autoblog.com/feed/20392348/article-comments.xml http://www.autoblog.com/feed/2012/12/03/lotus-suing-former-ceo-bahar-over-spending-on-homes-helicopters/20392348/article-detail.xml 20392348 http://www.blogcdn.com/www.autoblog.com/media/2012/12/dany-bahar_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/12/dany-bahar.jpg <![CDATA[Lotus Esprit all but ready to go, but held back by management issues]]>http://www.autoblog.com/2012/11/26/lotus-esprit-all-but-ready-to-go-but-held-back-by-management-is/http://www.autoblog.com/2012/11/26/lotus-esprit-all-but-ready-to-go-but-held-back-by-management-is/http://www.autoblog.com/2012/11/26/lotus-esprit-all-but-ready-to-go-but-held-back-by-management-is/#commentsFiled under: , ,



Brief and disappointing is this report from Autocar on the status of the Lotus Esprit: it is finally ready and sitting at the light, but the light might not go green for a long time. The good news is that from being a concept two years ago at the Paris Motor Show, the aluminum and carbon fiber revival coupe is "purportedly almost finished." It is powered by a twin-turbo, 5.0-liter V8 with something like 650 horsepower, boosted by a kinetic energy recovery system (KERS) and shifting through a seven-speed paddleshift transmission. Even with all that, the UK price is said to be around that of a Porsche 911 4S Cabriolet, and the car only needs "signing off and minor tweaking."

The bad news is that former company owner Proton couldn't stay independent long enough to see through the company's ambitious five-concept-car assault - led by then-CEO Dany Bahar who was hired explicitly to lead such a campaign - and was swallowed up by Malaysian auto supplier DRB-Hicom. For a brief spell Lotus had to shut down production for lack of funds. Then the new owner cleaned house, sweeping out Bahar and, according to the Financial Times just one month ago, the Esprit and every other concept with it. Just after the FT piece came out, Lotus denied the Esprit had been canceled. Still, according to Autocar, the management whirlpool is keeping the Esprit "far from becoming a production reality."

If we're honest with ourselves, we'll keep in mind that the Esprit has been slipping into and out of a terminal ether for what seems like decades. None of us knows what is going on inside Hethel HQ, but the fact that there really is a lightweight, twin-turbo, 650-hp Lotus Esprit finally ready to be produced has to be, in spite of all else, very good news.

Lotus Esprit all but ready to go, but held back by management issues originally appeared on Autoblog on Mon, 26 Nov 2012 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>drb-hicomespritlotusMon, 26 Nov 2012 09:15:00 EST http://www.autoblog.com/feed/20387578/article-comments.xml http://www.autoblog.com/feed/2012/11/26/lotus-esprit-all-but-ready-to-go-but-held-back-by-management-is/20387578/article-detail.xml 20387578 http://www.blogcdn.com/www.autoblog.com/media/2012/11/espritreadybut_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/11/espritreadybut.jpg <![CDATA[Honda to share platforms, facilities with Proton]]>http://www.autoblog.com/2012/11/04/honda-to-share-platforms-facilities-with-proton/http://www.autoblog.com/2012/11/04/honda-to-share-platforms-facilities-with-proton/http://www.autoblog.com/2012/11/04/honda-to-share-platforms-facilities-with-proton/#commentsFiled under: ,

Honda and Proton logos

Honda and Malaysia's Proton have signed an agreement to work together, but before we go and start dreaming about a Lotus-derived Honda S2000 successor, Automotive News Europe breaks down what the deal could mean for both automakers. Proton (parent company of Lotus) has been trying to build a relationship with bigger automakers (including Volkswagen) since being acquired by DRB-Hicom back in January, but this agreement with Honda could be a great opportunity for the rebuilding automaker to grow.

According to the article, it is likely that the two companies could share production facilities and even vehicle platforms, and it also says that the deal could help Proton boost its export capability. Since Honda already has a plant in Malaysia, which is currently being expanded to build the new Jazz Hybrid, it isn't clear how the Japanese automaker will benefit from the deal. That said, DRB-Hicom is already involved in many areas of the automobile industry and builds Mercedes-Benz, Suzuki and Volkswagen cars in Malaysia.

Honda to share platforms, facilities with Proton originally appeared on Autoblog on Sun, 04 Nov 2012 14:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>drb-hicomhondamalaysiaprotonSun, 04 Nov 2012 14:03:00 EST http://www.autoblog.com/feed/20368318/article-comments.xml http://www.autoblog.com/feed/2012/11/04/honda-to-share-platforms-facilities-with-proton/20368318/article-detail.xml 20368318 http://www.blogcdn.com/www.autoblog.com/media/2012/11/honda-proton2_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/11/honda-proton2.jpg <![CDATA[Lotus Esprit cancelled? [UPDATE]]]>http://www.autoblog.com/2012/10/04/lotus-esprit-cancelled/http://www.autoblog.com/2012/10/04/lotus-esprit-cancelled/http://www.autoblog.com/2012/10/04/lotus-esprit-cancelled/#commentsFiled under: , , , , , ,

2010 Lotus Esprit concept - front three-quarter view

Two years ago, we were gobsmacked when humble Lotus shocked the automotive world by wheeling out no fewer than five new models - admittedly in various stages of development - at the 2010 Paris Motor Show. The ambitious onslaught of new sheetmetal came at the behest of then-CEO Danny Bahar who aimed to broaden the British marque's appeal by dramatically expanding its portfolio. Bahar was later thrown out by new Malaysian owners DRB-Hicom in a management shakeup that seems to still be, well, shaking out. Bahar was deposed over accusations of financial wrongdoing and the controversial executive has fired back with a $10.6M lawsuit.

Against this chaotic background, a cornerstone of Lotus' revival plans hinged on the rebirth of its Esprit supercar (shown in 2010 concept form above). According to new reports, however, the Esprit has been cancelled, a victim of the company's uncertain finances and direction. Depending on which rumor you choose to believe, the two-seat coupe was slated to receive a house-built V8 and possibly turbocharging or hybrid power. That may all be moot now, however, as DRB-Hicom is reported to have scrapped Bahar's plans wholesale, a development that apparently includes killing off the mid-engined Esprit, too.


UPDATE: And this, friends, is why we have this story with a question mark and a Rumormill tag - Lotus is denying that the Esprit has been killed off.

Lotus Esprit cancelled? [UPDATE] originally appeared on Autoblog on Thu, 04 Oct 2012 19:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2014 lotus espritbahardany bahardrb-hicomespritlotusThu, 04 Oct 2012 19:28:00 EST http://www.autoblog.com/feed/20342115/article-comments.xml http://www.autoblog.com/feed/2012/10/04/lotus-esprit-cancelled/20342115/article-detail.xml 20342115 http://www.blogcdn.com/www.autoblog.com/media/2011/06/lotus-esprit-frt34_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/06/lotus-esprit-frt34.jpg <![CDATA[VW labor boss says 12 brands are enough, doesn't want to acquire Proton]]>http://www.autoblog.com/2012/08/22/vw-labor-boss-says-12-brands-are-enough-doesnt-want-to-acquire/http://www.autoblog.com/2012/08/22/vw-labor-boss-says-12-brands-are-enough-doesnt-want-to-acquire/http://www.autoblog.com/2012/08/22/vw-labor-boss-says-12-brands-are-enough-doesnt-want-to-acquire/#commentsFiled under: ,

Volkswagen and ProtonThe friction between Volkswagen and Proton continues, but this time it's coming from Germany, not Malaysia. The two firms have talked about some sort of partnership, or VW buying Proton outright, intermittently going back to 2005. In 2007 a partnership was nixed after a year of talks, then in 2010 after more talks a partnership was nixed again. The landscape has changed since then, with Malaysian firm DRB-Hicom taking control Proton and buying out the Malaysian government's stake. Volkswagen is connected to DRB-Hicom, having established a partnership in late 2010 for DRB to assemble CKD kits of the Jetta and Passat for Malaysia.

VW's interest in Proton has been as an access point for getting its wares into Southeast Asia and getting more capacity overall. VW is said to be talking to DRB about a deeper tie-up with Proton, and one outlet has said that DRB is already including VW in its plans for integrating its control of Proton. Other outlets suggest that VW is interested in buying Proton outright but that the Malaysian government has doused that idea.

Someone else ready to hose down such a suggestion is Bernd Osterloh, the chief union representative on VW's 20-member supervisory board. Of the opinion that 12 brands are enough, Osterloh feels that the group needs to be stabilized after recent acquisitions like Porsche, Ducati and Scania before swallowing more. It isn't clear that Osterloh could stop the plan if VW wished to move ahead, but his is a noteworthy voice of dissent.

VW labor boss says 12 brands are enough, doesn't want to acquire Proton originally appeared on Autoblog on Wed, 22 Aug 2012 09:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernd osterlohdrbdrb-hicommalaysiaprotonvolkswagenvwWed, 22 Aug 2012 09:31:00 EST http://www.autoblog.com/feed/20305580/article-comments.xml http://www.autoblog.com/feed/2012/08/22/vw-labor-boss-says-12-brands-are-enough-doesnt-want-to-acquire/20305580/article-detail.xml 20305580 http://www.blogcdn.com/www.autoblog.com/media/2007/11/no-volkswagen_proton_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2007/11/no-volkswagen_proton.jpg <![CDATA[Volkswagen looking to acquire Proton, Lotus?]]>http://www.autoblog.com/2012/07/26/volkswagen-looking-to-acquire-proton-lotus/http://www.autoblog.com/2012/07/26/volkswagen-looking-to-acquire-proton-lotus/http://www.autoblog.com/2012/07/26/volkswagen-looking-to-acquire-proton-lotus/#commentsFiled under: , ,

Volkswagen logo

Let's say you're an automaker bent on world domination looking to grow your sales. That's going to have you looking at Asian markets, because that's where some of the biggest growth has been, and that's exactly what Volkswagen is doing as it considers making another run at Malaysia's Proton.

Reuters reports that Volkswagen is interested in at least a partial stake, if not a controlling interest in Lotus-parent Proton as a way to continue a production presence in the region without having to build its own factory.

Volkswagen already builds the Passat in a DRB-HICOM facility in Pekan, Malaysia, and plans are in place to build the Jetta and Polo there, as well. With both southeast Asia and its relationship with Proton figuring so importantly in Volkswagen's plans for expansion, buying into Proton can help ensure stability. Volkswagen is being tight-lipped about the whole idea, but CEO Martin Winterkorn did recently say, "it's our clear goal to continue the successful (expansion) course of past years with great dynamics and stability," which sounds an awful lot like deals are on the table to smooth the path to further growth.

Volkswagen looking to acquire Proton, Lotus? originally appeared on Autoblog on Thu, 26 Jul 2012 13:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>drb-hicomlotusprotonvolkswagenvwThu, 26 Jul 2012 13:01:00 EST http://www.autoblog.com/feed/20286487/article-comments.xml http://www.autoblog.com/feed/2012/07/26/volkswagen-looking-to-acquire-proton-lotus/20286487/article-detail.xml 20286487 http://www.blogcdn.com/www.autoblog.com/media/2012/07/15-2012-volkswagen-golf-r-review_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/07/15-2012-volkswagen-golf-r-review.jpg <![CDATA[New Lotus owners ditch ambitious five-year plan]]>http://www.autoblog.com/2012/07/26/new-lotus-owners-ditch-ambitious-five-year-plan/http://www.autoblog.com/2012/07/26/new-lotus-owners-ditch-ambitious-five-year-plan/http://www.autoblog.com/2012/07/26/new-lotus-owners-ditch-ambitious-five-year-plan/#commentsFiled under: , ,

Lotus Esprit Concept

This didn't take long. The new overlords at Lotus have reportedly scrapped the company's five-year plan. DRB-Hicom ditched the turnaround strategy, penned by ousted CEO Danny Bahar, because it believes the market viewed the plan as overly ambitious.

The new product plan will slim the number of new model lines from five to three, and Lotus will likely slash the number planned consultants in favor of relying more heavily on in-house talent. According to The Star, the move should help expedite product development and save cash at the same time.

Even so, nothing is written in stone as of yet. DRB-Hicom says the new plan will take up to a year to finalize. The company has dumped around $242 million into Lotus so far this year, and the struggling automaker may require another $121 million by 2013. Lotus all but stopped production earlier this year during a loan freeze, but the lights came back on in April. The company now produces around 44 vehicles per week.

New Lotus owners ditch ambitious five-year plan originally appeared on Autoblog on Thu, 26 Jul 2012 10:13:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>drb hicomdrb-hicomlotuslotus product planlotus productionThu, 26 Jul 2012 10:13:00 EST http://www.autoblog.com/feed/20285890/article-comments.xml http://www.autoblog.com/feed/2012/07/26/new-lotus-owners-ditch-ambitious-five-year-plan/20285890/article-detail.xml 20285890 http://www.blogcdn.com/www.autoblog.com/media/2012/07/lotusespritconcept000-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/07/lotusespritconcept000-628.jpg <![CDATA[Lotus bows out of Paris Motor Show]]>http://www.autoblog.com/2012/07/16/lotus-bows-out-of-paris-motor-show/http://www.autoblog.com/2012/07/16/lotus-bows-out-of-paris-motor-show/http://www.autoblog.com/2012/07/16/lotus-bows-out-of-paris-motor-show/#commentsFiled under: , , ,

Lotus Exige S Concept - Live at Paris Motor Show debut, 2010

The plan put forth by former Lotus CEO Dany Bahar was to explode the British brand into the high-dollar sports car segment and directly challenge its marquee names. The first explosion came with the surprise introduction of five concepts at the 2010 Paris Motor Show. What has continued to surprise, though, is that the explosions haven't stopped: parent company Proton has had troubles leading to a reworking of its Formula One involvement, its IndyCar effort has had a rough ride, Proton's sale to Malaysian conglomerate DRB Hicom led to a production stoppage, and while the company was reassured that it wouldn't be sold, Bahar was shown the door - along with four of those Paris concepts, as far as we can tell. Yet the company is still making highly regarded cars and going racing.

So it shouldn't be all that surprising that, according to a report in Car and Driver, Lotus won't be attending this year's Paris Motor Show at all. Lotus didn't have much to show off at the Geneva Motor Show or the New York Show as all development was halted for two months, and the new corporate owner and new CEO installed by that owner are still working through the details of its niche English property. We will hope this is nothing more than a step in the reorganization, and look forward to seeing the Hethel firm again in Los Angeles or Detroit.

Lotus bows out of Paris Motor Show originally appeared on Autoblog on Mon, 16 Jul 2012 10:14:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardrb-hicomlotusparisparis 2012paris motor showprotonMon, 16 Jul 2012 10:14:00 EST http://www.autoblog.com/feed/20278258/article-comments.xml http://www.autoblog.com/feed/2012/07/16/lotus-bows-out-of-paris-motor-show/20278258/article-detail.xml 20278258 http://www.blogcdn.com/www.autoblog.com/media/2012/07/lotusnoparis_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/07/lotusnoparis.jpg <![CDATA[Dany Bahar to sue Lotus over dismissal]]>http://www.autoblog.com/2012/06/18/dany-bahar-to-sue-lotus-over-dismissal/http://www.autoblog.com/2012/06/18/dany-bahar-to-sue-lotus-over-dismissal/http://www.autoblog.com/2012/06/18/dany-bahar-to-sue-lotus-over-dismissal/#commentsFiled under: , , , , ,

Dany Bahar - former Lotus CEO.

Lotus and parent company DRB-Hicom haven't offered much commentary on the suspension and eventual firing of former CEO Dany Bahar. European newspapers and websites, on the other hand, have been having a field day reporting on various financial missteps rumored to have taken place with Bahar at the helm.

Amidst reports that Bahar was fired due to the misappropriation of company funds for personal reasons, Swiss newspaper Bilanz (via MSN UK) is now claiming that Bahar plans to sue his former company for wrongful termination. The paper reports that Bahar denies the allegations made against him and will file suit in London's High Court.

As you might expect with litigation in the offing, neither Bahar nor Lotus are commenting on the report.

Dany Bahar to sue Lotus over dismissal originally appeared on Autoblog on Mon, 18 Jun 2012 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bahardany bahardrb-hicomlawsuitlotuslotus ceoMon, 18 Jun 2012 16:31:00 EST http://www.autoblog.com/feed/20260925/article-comments.xml http://www.autoblog.com/feed/2012/06/18/dany-bahar-to-sue-lotus-over-dismissal/20260925/article-detail.xml 20260925 http://www.blogcdn.com/www.autoblog.com/media/2012/06/dany-bahar_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/dany-bahar.jpg <![CDATA[Lotus fires CEO Dany Bahar amidst controversy]]>http://www.autoblog.com/2012/06/08/lotus-fires-ceo-dany-bahar-amidst-controversy/http://www.autoblog.com/2012/06/08/lotus-fires-ceo-dany-bahar-amidst-controversy/http://www.autoblog.com/2012/06/08/lotus-fires-ceo-dany-bahar-amidst-controversy/#commentsFiled under: ,

Lotus has fired CEO Dany Bahar and appointed Aslam Farikullah as the company's Chief Operating Officer, effective immediately. The move was unsurprising, as an investigation into Bahar's expenses had led to his suspension last week.

The 51-year-old Farikullah is said to have over 26 years of professional experience, most of it in the auto industry, according to a statement issued by Lotus.

Lotus didn't offer any explanation or provide any details about the Bahar scandal, telling Car that his dismissal was confidential. Other reports indicate that he was, in fact, fired for misuse of company funds, something that European regulators take a dim view of.

Scroll down to read the brief statement from Lotus.

Continue reading Lotus fires CEO Dany Bahar amidst controversy

Lotus fires CEO Dany Bahar amidst controversy originally appeared on Autoblog on Fri, 08 Jun 2012 13:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>aslam farikullahbahardany bahardrbdrb-hicomlotuslotus ceoFri, 08 Jun 2012 13:31:00 EST http://www.autoblog.com/feed/20254452/article-comments.xml http://www.autoblog.com/feed/2012/06/08/lotus-fires-ceo-dany-bahar-amidst-controversy/20254452/article-detail.xml 20254452 http://www.blogcdn.com/www.autoblog.com/media/2012/06/dany-bahar-lotus-ceo_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/dany-bahar-lotus-ceo.jpg <![CDATA[Lotus boss Dany Bahar suspended by Malaysian owners]]>http://www.autoblog.com/2012/05/27/lotus-boss-dany-bahar-suspended-by-malaysian-owners/http://www.autoblog.com/2012/05/27/lotus-boss-dany-bahar-suspended-by-malaysian-owners/http://www.autoblog.com/2012/05/27/lotus-boss-dany-bahar-suspended-by-malaysian-owners/#commentsFiled under: , , , ,

Lotus CEO Dany Bahar with Evora

DRB-Hicom has suspended Lotus CEO Dany Bahar pending an investigation into the executive's conduct. While the sports car manufacturer's parent company has declined to comment on exactly which facet of Bahar's conduct is in question, The Telegraph reports the inquiry may be related to expenses. DRB-Hicom is said to have confiscated Bahar's laptop and mobile phone as part of the investigation. Reportedly, the executive rented in two homes in Norwich, both paid for by Lotus.

As you may recall, DRB-Hicom purchased Lotus parent company Proton in January. The sportscar manufacturer's future has been uncertain since then, though Proton has made it clear it has no intention of selling the company in the near future. Day-to-day operations will now be handled by three representatives of the Lotus parent companies, including Dato' Lukman Ibrahim, Mohd Khalid Yusof and Aslam Farikullah.

Lotus boss Dany Bahar suspended by Malaysian owners originally appeared on Autoblog on Sun, 27 May 2012 15:06:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardany bahar suspendeddany bahar suspensiondrb-hicomlotusprotonsuspendedsuspensionSun, 27 May 2012 15:06:00 EST http://www.autoblog.com/feed/20246041/article-comments.xml http://www.autoblog.com/feed/2012/05/27/lotus-boss-dany-bahar-suspended-by-malaysian-owners/20246041/article-detail.xml 20246041 http://www.blogcdn.com/www.autoblog.com/media/2012/05/lotus-ceo-dany-bahar-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/lotus-ceo-dany-bahar-628.jpg <![CDATA[Proton has no plans to sell Lotus]]>http://www.autoblog.com/2012/05/11/proton-has-no-plans-to-sell-lotus/http://www.autoblog.com/2012/05/11/proton-has-no-plans-to-sell-lotus/http://www.autoblog.com/2012/05/11/proton-has-no-plans-to-sell-lotus/#commentsFiled under: , , , , ,

Lotus Evora

Lotus isn't going anywhere, according to parent company Proton. Autocar reports representatives of Proton's new owner, DRB-HICOM, stopped by Lotus HQ to reassure the company's staff.

Dato Sri Haji Mohd Khamil Bin Jamil, DRB-HICOM group managing director, said his company "is not thinking about a sale." While the executive said that he could never fully dismiss the prospect of sending Lotus off to another owner, right now such a move isn't one of his company's top priorities. Instead, figuring out a course for Lotus could take months. In the meantime, Dato Jamil said his company would continue to support Lotus financially.

Until recently, Proton was owned by the Malaysian government, but DRB-HICOM purchased the company three months ago. Since then, the future of Lotus has been anything but certain. All production and development stopped for 60 days after the deal was inked, but has now officially resumed. Even so, with no clear long-term decision from DRB-HICOM, it remains unclear whether Lotus will pursue the five-year plan laid out by company CEO Dany Bahar.

Proton has no plans to sell Lotus originally appeared on Autoblog on Fri, 11 May 2012 13:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardato sri haji mohd khamil bin jamildrb-hicomlotuslotus saleprotonFri, 11 May 2012 13:59:00 EST http://www.autoblog.com/feed/20235435/article-comments.xml http://www.autoblog.com/feed/2012/05/11/proton-has-no-plans-to-sell-lotus/20235435/article-detail.xml 20235435 http://www.blogcdn.com/www.autoblog.com/media/2012/05/lotus-evora-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/05/lotus-evora-628.jpg <![CDATA[Lotus scrapes together enough money to restore production]]>http://www.autoblog.com/2012/04/27/lotus-scrapes-together-enough-money-to-restore-production/http://www.autoblog.com/2012/04/27/lotus-scrapes-together-enough-money-to-restore-production/http://www.autoblog.com/2012/04/27/lotus-scrapes-together-enough-money-to-restore-production/#commentsFiled under: , , ,

2012 lotus cars

"The past four months have been really tough for us," admits Lotus CEO Dany Bahar to Autocar magazine. "We were working at a pace nobody had seen at Lotus for many years," Bahar continued, alluding to the British sports car maker's planned rollout of four models over five years that recently had recently hit the skids thanks to a 60-day financial freeze at Malaysian parent DRB-Hicom. "The shut-down, as I call it," Bahar continued, "was very hard for us," but the Lotus boss forcefully rejects media reports that his company is being shopped to potential buyers.

Production at Hethel is reportedly swinging back into action within the next few days now that DRB-Hicom has slid money across the table to re-start Elise, Exige and Evora production. Lotus will also reportedly continue to develop the new Esprit and its V8 engine and automated transmission. Bahar went on to dispute reports that KPMG was looking for a buyer to take on Lotus, though there are likely to be management shuffles and continuing developments between Lotus, DRB-Hicom, Youngman, and who know what other parties, as the re-start doesn't completely short-circuit the rumors of a possible sale.

In fact, resuming production could potentially even position Lotus more attractively for a potential suitor, rather than putting a shuttered, down-at-the-mouth boutique carmaker on the block.

Lotus scrapes together enough money to restore production originally appeared on Autoblog on Fri, 27 Apr 2012 16:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardrb-hicomeliseespritevoraexigelotuslotus productionFri, 27 Apr 2012 16:15:00 EST http://www.autoblog.com/feed/20225469/article-comments.xml http://www.autoblog.com/feed/2012/04/27/lotus-scrapes-together-enough-money-to-restore-production/20225469/article-detail.xml 20225469 http://www.blogcdn.com/www.autoblog.com/media/2012/04/lotus-evora_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/lotus-evora.jpg <![CDATA[Lotus model development on lockdown as company looks to change hands]]>http://www.autoblog.com/2012/03/14/lotus-model-development-on-lockdown-as-company-looks-to-change-h/http://www.autoblog.com/2012/03/14/lotus-model-development-on-lockdown-as-company-looks-to-change-h/http://www.autoblog.com/2012/03/14/lotus-model-development-on-lockdown-as-company-looks-to-change-h/#commentsFiled under: , , , , ,

Lotus Exige S live on show floor

Lotus has put a halt to all development of future models. The news comes after the Malaysian government sold its controlling stake in Lotus parent company Proton. According to EVO, the company's takeover regulations require all involved parties to enter into a "lockdown" wherein anything outside of normal business is brought to a halt. For Lotus, that means stalling development for 60 days and pushing back launch dates for vehicles like the Exige S, Evora GTE and the upcoming Esprit successor. Lotus CEO Dany Bahar is currently engaged in talks with DRB-Hicom, Proton's new owner, in an attempt to ensure the industrial conglomerate holds onto the sports car maker.

Odds are we won't know what the future has in store for Lotus until after the due diligence period comes to a close. In the mean time, Lotus will continue to build and sell cars as well as engage motorsports efforts. It will also be the featured marque at the 2012 Goodwood Festival of Speed.

Lotus model development on lockdown as company looks to change hands originally appeared on Autoblog on Wed, 14 Mar 2012 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardrb-hicomespritexigelotuslotus carslotus saleprotonWed, 14 Mar 2012 10:30:00 EST http://www.autoblog.com/feed/20192382/article-comments.xml http://www.autoblog.com/feed/2012/03/14/lotus-model-development-on-lockdown-as-company-looks-to-change-h/20192382/article-detail.xml 20192382 http://www.blogcdn.com/www.autoblog.com/media/2012/03/lotus-exige-s-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/03/lotus-exige-s-628.jpg <![CDATA[CEO Dany Bahar looking for a buyer for Lotus]]>http://www.autoblog.com/2012/02/02/ceo-dany-bahar-looking-for-a-buyer-for-lotus/http://www.autoblog.com/2012/02/02/ceo-dany-bahar-looking-for-a-buyer-for-lotus/http://www.autoblog.com/2012/02/02/ceo-dany-bahar-looking-for-a-buyer-for-lotus/#commentsFiled under: , ,

Lotus Esprit concept

Reports this week out of London indicate that Lotus CEO Dany Bahar seeks a partner, or even a purchaser, for the Hethel firm. Malaysian automaker Proton currently owns Lotus, but Proton was taken over in January when Malaysian auto parts supplier DRB-Hicom bought the government's controlling interest. The trend with new ownership is to put every project on the table for review, and with Lotus in the midst of massive initiatives - Esprit, Elan, Eterne, new Elise and in-house V8 - it makes sense that Bahar isn't wasting time arranging options.

Although it's not exactly as if Bahar just started looking for a buyer. In summer 2011, Proton's position was shaky enough that Bahar publicly sought outside investment, with Toyota often mentioned as a hypothetical mate.

It is said that Bahar wants £500 million ($792 million U.S.), roughly two-thirds the amount Proton (via bank loans) was said in 2010 to be committing to the brand's revival. As one would expect, Chinese interests are suspected as potential buyers, but only one possible suitor has been named so far, that being Genii Capital, which owns the Lotus Formula 1 team.

CEO Dany Bahar looking for a buyer for Lotus originally appeared on Autoblog on Thu, 02 Feb 2012 17:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dany bahardrb-hicomlotuslotus protonmalaysiaprotonThu, 02 Feb 2012 17:29:00 EST http://www.autoblog.com/feed/20161585/article-comments.xml http://www.autoblog.com/feed/2012/02/02/ceo-dany-bahar-looking-for-a-buyer-for-lotus/20161585/article-detail.xml 20161585 http://www.blogcdn.com/www.autoblog.com/media/2012/02/baharlotusbuyer_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/baharlotusbuyer.jpg <![CDATA[DRB-Hicom to buy Proton]]>http://www.autoblog.com/2012/01/17/drb-hicom-to-buy-proton/http://www.autoblog.com/2012/01/17/drb-hicom-to-buy-proton/http://www.autoblog.com/2012/01/17/drb-hicom-to-buy-proton/#commentsFiled under: ,



A deal has been reached to sell the Malaysian government's controlling, 43-percent stake in Proton Holdings Bhd to Malaysian conglomerate DRB-Hicom for $410 million. Rumors surrounding the deal have been in the news for a few months, with Proton's deteriorating profits leading to speculation about if the government would get out and who be the savior. Of course, the other big question was: what happens to Lotus in the event of a sale.

Analysts had uniformly suggested that Proton sell Lotus, citing Proton's sales difficulties and lack of synergies as more than enough reason. DRB-Hicom has interests in various industies from automobile and car-part manufacturing to ports and aiports, but doesn't provide any more synergies with Lotus than Proton alone.

However, with founder and head Syed Mokhtar so closely associated with the firm it could be that he decides to keep Lotus as a jewel in the corporation just because he can - Lotus could do its work in a quiet corner of the DRB-Hicom empire. The deal for Proton is expected to close in the second quarter of 2012, so it shouldn't be long before we find out the fate of the so-close-yet-still-so-far-away Esprit.

DRB-Hicom to buy Proton originally appeared on Autoblog on Tue, 17 Jan 2012 16:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>drb-hicomlotus espritlotus salemalaysiaprotonproton salesyed mokhtarTue, 17 Jan 2012 16:31:00 EST http://www.autoblog.com/feed/20149866/article-comments.xml http://www.autoblog.com/feed/2012/01/17/drb-hicom-to-buy-proton/20149866/article-detail.xml 20149866 http://www.blogcdn.com/www.autoblog.com/media/2012/01/protonsaleagreed_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/protonsaleagreed.jpg -1 2