Iconic sports car manufacturer Lotus (www.lotuscars.com) will create 300 new jobs to build the next generation of vehicles in Norfolk.

The company has laid out its 10-year vision under the new ownership of Chinese car giant Geely; this includes two new sports cars, increasing production more than five-fold, designing and launching a new four-door SUV, and staying in Hethel — its home for more than half a century.

Chief executive Jean-Marc Gales (pictured) said that 2017 was an important year, during which the company completed its return to profitability and saw its revenues break the £100 million mark — up from £81.5 million the previous year.

“We announced the turn-around last year, and that’s now done. We’ve cracked the operational model and now need to build the future. At the right time, the right company has bought us — we couldn’t have chosen a better investor.”

There are already 40 new employees; the target is 100 by the end of March, with the remainder to be taken on later this year. The two new sports cars and the recruitment drive represent “a substantial investment” from Geely, said Mr Gales.

“We are going to build these two cars until 2024-25, so that gives stability to the 300 ‘new families’ and to the people who are already here.”

The two sports cars will be developed over the next two years, with a hybrid-power crossover vehicle — described as lower, wider and lighter than a traditional SUV — being worked on ahead of a possible launch in 2021.

Lotus sold 1,600 cars in 2017, and the two new models are expected to take its annual sales beyond 2,000 by 2021; the four-door vehicle is being developed with the growing American and Chinese markets in mind.

With a proposed manufacturing base in China and another in Europe — the location is yet to be decided — there are hopes that the SUV could eventually take Lotus production beyond 10,000 vehicles a year.

A multi-million-pound investment will be made to modernise the production line at Hethel, automating some of the heaviest tasks, while the construction of a major building (begun under the previous owners) will be completed.

The cars will remain hand-made. Chinese automotive ‘heavyweight’ Geely took a majority stake in Lotus in May 2017, vowing to “unleash the full potential” of the brand.