CEO Jean-Marc Gales (left) with Aslam Farikullah

Lotus is well on its way to becoming a profitable business for the first time in its 68-year history, after overturning losses of up to £168 million (RM927 million) three years ago, according to the Eastern Daily Press. Having joined the business in 2014, CEO Jean-Marc Gales has overseen a three-year plan that has led the company’s overhaul towards profitability.

“We have a turnaround plan that’s firmly on track as well – we have increased revenue – we are planning to do over 2,000 cars this year. We have reduced our costs – the overheads are down 40% in two years, so we have achieved a massive overhead reduction,” said Gales, who has reduced staff numbers from 1,200 to just over 900 worldwide.

“The plan was a three year plan – at the end of the second year we should be cash self-sufficient and starting this financial year which was April 1 we should be profitable. The car side was always bankrolled by the engineering business – now the car side of the business is profitable, for the first time since the company was created, and that’s amazing,” he added.

The plan is based on re-focusing the business on its core value – a pioneering manufacturer of lightweight and benchmark handling sports cars – and looking forensically at all processes. An expanded worldwide dealer network means more cars sold, and Lotus is also targeting the US market with the range-topping Evora 400.

“We have increased our sales in the market – the target this year is over 2,000 and we have a record order book, with 760 cars on order, which is what we didn’t have before,” said Gales, who also hailed the Norfolk carmaker’s staff and the backing of Malaysian owners DRB-Hicom.