Lotus Cars is Founded
Lotus Cars is a British manufacturer of sports and racing cars based at Hethel, Norfolk, England.
The company designs and builds race and production automobiles of light weight and high handling characteristics.
It is currently owned by Proton, the Malaysian carmaker, who took Lotus over in 1994 on the bankruptcy of its former owner Bugatti.
The company was formed as Lotus Engineering Ltd. by engineer Colin Chapman, a graduate of University College, London, in 1952. The first factory was in old stables behind the Railway Hotel in Hornsey, north London. Team Lotus, which was split off from Lotus Engineering in 1954, was active and competitive in Formula One racing from 1958 to 1994. The Lotus Group of Companies was formed in 1959. This was made up of Lotus Cars Limited and Lotus Components Limited which focused on road cars and customer competition car production respectively. Lotus Components Limited became Lotus Racing Limited in 1971 but the newly renamed entity ceased operation in the same year.