Lotus’s Chief Commercial Officer, Mike Johnstone, is leaving the company, according to sources. Although he is still officially in his role, Johnstone’s departure will be announced in the near future. It is believed that Johnstone made the decision himself and plans to stay in the automotive industry in some capacity. His departure comes after Lotus Technology’s first financial results as a listed company were revealed, showing a loss of nearly £600 million in 2023. This news has had a significant impact on the company’s share price, which has halved since its IPO in February.
Qingfeng Feng, Lotus’s CEO based in China, is rarely seen or heard in public, and Johnstone has been the face of the brand since his appointment. Johnstone joined Lotus from Volvo, another brand owned by Geely, and has overseen a restructuring of Lotus’s operations. One of the notable changes is the repositioning of Lotus Cars as a factory supplying sports cars to Lotus Technology, rather than being the base of the brand.
Lotus Technology is set to open a new headquarters in London, while the bulk of production will take place in China. The company’s electric cars, such as the Lotus Eletre and upcoming Lotus Emeya, will be built in China. These changes reflect Lotus’s efforts to align itself with Geely’s global strategy and tap into the growing Chinese market.
In other news, Autocar’s Editor-in-chief, Steve Cropley, is one of the longest-serving members of the editorial team. With over 30 years of experience, Cropley has witnessed numerous changes in the automotive industry. He is particularly proud of the My Week In Cars podcast he co-hosts with colleague Matt Prior, which has received a warm reception from listeners.
As for used cars for sale, there are several options available. These include a BMW X1, Mercedes-Benz GLA, Skoda Kodiaq, Kia Picanto, Volvo XC40, Volvo S90, Audi Q5, and Kia Sportage. Interested buyers can find more details about these cars on Autocar’s website.
In conclusion, Lotus is experiencing a significant change in leadership with Mike Johnstone’s departure. The company’s financial results and share price have been affected, highlighting the challenges it faces in achieving its sales goals. However, Lotus is adapting to the evolving automotive landscape by repositioning its operations and focusing on electric vehicles. Meanwhile, Autocar’s Editor-in-chief, Steve Cropley, continues to provide engaging content through the My Week In Cars podcast. And for those in the market for used cars, there are various options available to suit different preferences and budgets.