Lotus praises UK government's new boost for green technology

Lotus Engineering has been working on a wide variety of alternative drive technologies over the past decade, helping many client automakers develop electric and hybrid vehicles as well as more efficient internal combustion engines. This week, the UK government offered up £2.3 billion in loan guarantees to automakers, and tied the money to carbon-reducing initiatives.
With that in mind, Lotus CEO Michael Kimberly issued a statement praising the government's initiative. Any moves to encourage automakers to adopt greener technologies have the potential to benefit Lotus and its engineering consultancy business. The statement is after the jump.

[Source: Lotus]

PRESS RELEASE:

Group Lotus plc welcomes the government's investment boost into green and low carbon vehicle projects in addition to increasing the funding for training of employees in the motor industry.

Mike Kimberley, Chief Executive of Group Lotus plc, said, "It has been a long time coming but I welcome the announcement given by Lord Mandelson, today. I am delighted that the UK government has recognised the vital importance to the automotive industry of research into green, environmental and low carbon vehicle solutions. This is an area that Lotus has been working for many years and I am pleased to say that Lotus is now acknowledged as a world leader in the relevant and significant areas of alternative fuels, electric and hybrid technology and of course staying true to the Lotus brand value of creating light weight and efficient vehicles."

Commenting on Group Lotus business, Mike Kimberley said, "It will be a very tough year for the global automotive industry, but Lotus is reasonably placed compared to some other car companies. We have an ambitious research and development programme and we are very encouraged by the invitation given by Lord Mandelson to Regional Development Agencies to bring forward programmes for research and development into cleaner engines and lighter cars, an area in which Lotus is one of the world leaders.

"We have restructured and prepared our three key areas of business, the manufacture and sale of Lotus cars, world class high technology automotive engineering consultancy and contract manufacturing for third parties, to assist in riding this economic down-turn and to continue as world leaders in advanced automotive technology and low carbon cars of the future."