03/20/2024 | News release | Distributed by Public on 03/20/2024 14:16
Plucky British manufacturer Lotus is launching a bespoke build program to entice ultra-wealthy buyers in hopes of securing a new revenue stream toward the top end of the market.
Called Lotus Chapman Bespoke, named after Colin Chapman, the company's founder, the program goes beyond what a standard online configurator can offer with three levels of customization, each progressively costlier than the last:
"The story of Lotus is the story of a bespoke carmaker," said Qingfeng Feng, CEO of the Lotus Group. "The first cars were hand-drawn and hand-built at home by Colin Chapman, and that spirit lives on in us today."
LotusLotus isn't the only manufacturer to offer a program like this. Ferrari has been offering something similar with its "Ferrari Personalization" and "Ferrari Special Projects" programs for a while now. Ultra-exotic creations like the Ferrari SP-8 are byproducts of the latter. Aston Martin's "Q by Aston Martin" is structured almost exactly like the Lotus Chapman program.
These ultra-personalized purchasing channels are chances for higher-end automakers to generate serious margins on their products, which can be a major lift for their bottom lines as lower-volume automakers.
Earlier this year, Lotus issued an Initial Public Offering (IPO) on the NASDAQ Stock Exchange in New York, presumably to raise capital for the costly road ahead as it transitions its portfolio to entirely battery-electric power.
Lotus says the program will roll out first in China on April 25, followed by the gradual expansion to other key markets, such as North America, in the coming months.
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