Bloomberg reports that because of shifting tariff regulations, and thanks to cheaper import taxes, foreign brands have seen a market share jump from 28 percent to 41 percent over the last two years.This means, BMW, Mercedes-Benz and Audi have all capitalized on the shift leaving domestic producers ...
After being placed under suspension for two weeks pending misconduct allegations, the Malaysian owners of Lotus have confirmed that they have fired Dany Bahar from his post as CEO of the British car maker. Lotus issued the following statement on the matter:
"Group Lotus plc (“Lotus” or the “Company”) can today confirm that, Mr Dany Bahar has been terminated from his employment as Chief Executive Officer of Lotus with immediate effect. The decision was made by the Board of Group Lotus plc following the results of an investigation into a complaint made against him by the company’s penultimate holding company, DRB-HICOM Berhad."
Neither Lotus or DRB Hicom explained the reason to why Bahar was being investigated, but a report from UK's Telegraph suggested that it was related to expenses claimed by the former chief executive and restrictions placed on Lotus' £270m debt facility by a consortium of Asian banks.
Lotus said that it has appointed Mr Aslam Farikullah as the Company’s Chief Operating Officer with immediate effect.
Dato’ Sri Haji Mohd Khamil Jamil, Group Managing Director of DRB-HICOM Berhad and also Chairman of Lotus said:
"I would like to assure you that we remain committed to ensure the ongoing and future business operations of the Lotus Group as we take the Lotus Group to the next level to remain relevant in the global automotive industry. I look forward to bringing mutual benefits to not only DRB-HICOM and PROTON Holdings Berhad but also the Lotus Group and its employees as well as contribute to the growth of the British automotive industry."