British motorcycle manufacturer Norton has secured 3 million GBP (over Rs 24 crore) in funds to ramp up production of its V4 superbikes - the V4 SS and V4 RR bikes. The funding has been secured from Santander Corporate & Commercial and will help the company boost its production to more than triple the current production and also create 40 new jobs. Current production is around 500 bikes a year and the loan is expected to help increase production to around 1500 bikes a year.
"Having developed and pre-sold a huge number of bikes, we needed the funding to be readily available to pay for tooling, stock and people to allow production to move from 40 bikes per month in excess of 130 bikes with effect from summer 2017," Norton CEO Stuart Garner said.
(Norton V4 SS)
"Norton is producing world-class bikes with a global customer base and stands as a great testament to the quality and renaissance of the UK manufacturing sector. Santander is focused on supporting UK manufacturers, particularly with regards to exporting, as we passionately believe that the UK can be a manufacturing powerhouse," said Steve Young, Relationship Director at Santander Corporate & Commercial.
The Norton V4 SS and V4 RR models are powered by an all-new 200 bhp, 1200 cc V4 engine. According to reports, Norton has already sold out the first lot of production of the superbike. The bike also features a comprehensive electronics package, which centres around a six-axis IMU that handles traction control, wheelie control, launch control and cruise control. The Norton V4 RR is priced at GBP 28,000 (over Rs 22 lakh) and the more exclusive Norton V4 SS will cost GBP 44,000 (over Rs 35 lakh). Norton is also planning to produce a lightweight 650 cc bike for 2018.
(Source: Derby Telegraph)
