Business secretary Vince Cable has visited Lotus’ Norfolk headquarters today, where he announced the company would be awarded £10.44 million from the Regional Growth Fund.

The money will be used for research and development of products, as well as staff training. The sports car company expects to create 313 full time jobs to support production over the coming years.

On Bing: see pictures of Lotus cars

Find out how much a used Lotus costs on Auto Trader

Cable said:

“Lotus is an iconic British carmaker, with some of the most innovative engineers in the business. The car industry is one of Britain’s great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year.

“The Government’s industrial strategy is working and giving business the confidence to invest, creating more high skilled, long term jobs in the UK.”

Lotus CEO Aslam Farikullah added:

“We have very exciting plans for our sports cars and it’s a very positive move for Lotus that we’re in a position to create new jobs and to significantly contribute to Britain’s automotive industry.”

Some good news for Lotus fans at last.

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On Bing: see pictures of Lotus cars

Find out how much a used Lotus costs on Auto Trader