How GM’s ownership of Lotus went ‘appallingly wrong’

In January 1986, General Motors paid £22.75 million for 58% of the Lotus’s shares

After the death of founder Colin Chapman in 1982, Lotus was in dire straits financially. Thankfully for all us petrolheads, it was saved by British Car Auctions chief David Wickens.
He quickly recruited more investors and, with Hethel veteran Mike Kimberley remaining as CEO, Lotus returned to profit in 1984. However, the bosses recognised that they couldn’t muster the resources to rejuvenate Lotus’s ageing road car range and so sought a richer buyer.
The buyer they snared could hardly have been richer. Following 10 days of negotiations in January 1986, General Motors paid £22.75 million for 58% of the shares – just one day’s cashflow for what was the world’s biggest car company.
In essence, the Americans wanted to use Hethel as a cheap and rapid R&D and engineering facility – but, to widespread relief, Lotus would remain independent, rather than be absorbed into the mass.
“For perhaps the first time in