Lotus Stockpiling Parts To Deal With Short-Term Brexit Consequences

BY Brad Anderson | Posted on

The UK was scheduled to leave the European Union last week, but that hasn’t happened yet. Nevertheless, Lotus is stockpiling parts for when Britain does split from the EU, Auto News reports.

During a recent interview, Lotus chief executive Phil Popham said the iconic British sports car manufacturer is prepared for the Brexit and doesn’t believe it will be adversely affected in the long run.

“We’re going to get our heads down and deliver it. In talking with our owners, in talking with our board, [Brexit] doesn’t change the long term. We all think a deal will get done at some point, whatever that is, and it may be a different world, but there’ll be some normality that comes back again.”

According to Popham, Lotus doesn’t face some of the risks larger car manufacturers do regarding disruptions due to a no-deal Brexit.

“The worst we’re going to get is to leave under [World Trade Organization] arrangements, which means duty for parts that are coming in and duty paid for imports elsewhere. The U.K. is in the top 20 trading countries in the world, so you’ve got to assume that in the course of time, those trading arrangements and agreements are going to be made,” Popham said.

Lotus is in a better position to deal with Brexit now than it was a couple of years ago. In 2017, China’s Zhejiang Geely Holding Group took over the British car manufacturer. With new funding, it is developing an all-new sports car with a modified version of its platform. The company is also expected to open a second factory to deal with future models, which will grow from a next-generation platform arriving next decade.

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