Lotus F1 team says it is financially sound ahead of 2015 season

Lotus has the budget it needs to achieve its target of challenging Williams in Formula 1 this year, claims its CEO Matthew Carter

Lotus F1 team says it is financially sound ahead of 2015 season

Having spent last year consolidating its finances to cut dramatic losses, the team now has a much better handle over its budget.

After admitting that it had perhaps gone too far with staffing cutbacks last year, Carter says that it has responded.

"Without going in to too many details, in trying to sort out the finances - which we did - we laid off a number of people this time last year," he told AUTOSPORT.

"We possibly laid off a few too many so, during the course of the year, we got people back to the design office and aero office.

"We've also restructured the aero department and we are now seeing the fruits of that effort come off."

Although Lotus has lost some sponsors to Williams, and its car had some empty space in computer images released on Monday, Carter says that the money situation will be different by the time the 2015 season begins.

"Our budget for this year, although reduced compared to 2013, is similar to last season," he said.

"We have a couple of new sponsors that, although not featured on the car today, will be there for the first race.

"A lot of the back office work at the business is producing results, so financially we are looking good.

"And it is important to say that if we do get more money, then that will go straight on to improving car performance.

"In previous years such additions may have gone in to the black hole of debt, but now it can go straight on to the car."

SIGHTS SET ON WILLIAMS

The change from Renault to Mercedes engines has left Lotus hoping it can repeat what Williams did last year, when it jumped up the grid.

Carter believes that the steady financial situation, and staffing tweaks mean that it can achieve its ambition of threatening its Grove-based rival.

"We are hoping that we can challenge and get around where Williams are," said Carter, who revealed that windtunnel figures for the new E23 had been hugely encouraging.

"I don't want to be too optimistic, because it is important to be realistic, but finishing third or fourth in the constructors' championship is really our target.

"But that is largely dependent on how Red Bull cope with Renault, what Honda do with McLaren and where Ferrari get to."

shares
comments
Lotus team reveals first image of new Mercedes-powered F1 car
Previous article

Lotus team reveals first image of new Mercedes-powered F1 car

Next article

Rivals warned Mercedes F1 power unit will be stronger in 2015

Rivals warned Mercedes F1 power unit will be stronger in 2015
The under-fire F1 driver fighting for his future Plus

The under-fire F1 driver fighting for his future

Personable, articulate 
and devoid of the usual
 racing driver airs and graces,
 Nicholas Latifi is the last Formula 1 driver you’d expect to receive death threats, but such was the toxic legacy of his part in last year’s explosive season finale. And now, as ALEX KALINAUCKAS explains, he faces a battle to keep his place on the F1 grid…

Formula 1
Aug 13, 2022
The strange tyre travails faced by F1’s past heroes Plus

The strange tyre travails faced by F1’s past heroes

Modern grand prix drivers like to think the tyres they work with are unusually difficult and temperamental. But, says  MAURICE HAMILTON, their predecessors faced many of the same challenges – and some even stranger…

Formula 1
Aug 12, 2022
The returning fan car revolution that could suit F1 Plus

The returning fan car revolution that could suit F1

Gordon Murray's Brabham BT46B 'fan car' was Formula 1 engineering at perhaps its most outlandish. Now fan technology has been successfully utilised on the McMurtry Speirling at the Goodwood Festival of Speed, could it be adopted by grand prix racing once again?

Formula 1
Aug 11, 2022
Hamilton's first experience of turning silver into gold Plus

Hamilton's first experience of turning silver into gold

The seven-time Formula 1 world champion has been lumbered with a duff car before the 2022 Mercedes. Back in 2009, McLaren’s alchemists transformed the disastrous MP4-24 into a winning car with Lewis Hamilton at the wheel. And now it’s happening again at his current team, but can the rate of progress be matched this year?

Formula 1
Aug 11, 2022
Why few could blame Leclerc for following the example of Hamilton’s exit bombshell Plus

Why few could blame Leclerc for following the example of Hamilton’s exit bombshell

OPINION: Ferrari's numerous strategy blunders, as well as some of his own mistakes, have cost Charles Leclerc dearly in the 2022 Formula 1 title battle in the first half of the season. Though he is locked into a deal with Ferrari, few could blame Leclerc if he ultimately wanted to look elsewhere - just as Lewis Hamilton did with McLaren 10 years prior

Formula 1
Aug 9, 2022
The other McLaren exile hoping to follow Perez's path to a top F1 seat Plus

The other McLaren exile hoping to follow Perez's path to a top F1 seat

After being ditched by McLaren earlier in his F1 career Sergio Perez fought his way back into a seat with a leading team. BEN EDWARDS thinks the same could be happening to another member of the current grid

Formula 1
Aug 8, 2022
How studying Schumacher helped make Coulthard a McLaren F1 mainstay Plus

How studying Schumacher helped make Coulthard a McLaren F1 mainstay

Winner of 13 grands prix including Monaco and survivor of a life-changing plane crash, David Coulthard could be forgiven for having eased into a quiet retirement – but, as MARK GALLAGHER explains, in fact he’s busier than ever, running an award-winning media company and championing diversity in motor racing. Not bad for someone who, by his own admission, wasn’t quite the fastest driver of his generation…

Formula 1
Aug 7, 2022
Could F1 move to a future beyond carbonfibre? Plus

Could F1 move to a future beyond carbonfibre?

Formula 1 has ambitious goals for improving its carbon footprint, but could this include banishing its favoured composite material? PAT SYMONDS considers the alternatives to carbonfibre and what use, if any, those materials have in a Formula 1 setting

Formula 1
Aug 6, 2022