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Lotus to layoff a quarter of its workforce

Lotus has issued a press release to day, wherein it indicates that a "need to both reshape its organisation and to reduce costs" may result in the loss of "up to 325" jobs. That's a fairly significant number of layoffs for any company, but considering that Lotus currently employs 1,215 people (per the company's bio in the same release), it could mean a full 25-percent of the automaker's workers could soon be sharpening their resumes.
CEO Jean-Marc Gales says in the statement that Lotus has "worked very hard to avoid the need to make this proposal," but admits that it is now "essential" to the future of the company. The chief indicates that post-restructuring, he expects Lotus to be a "leaner" and "more competitive" organization, one which - and we can all see a little silver lining here - is focused on "producing class-leading sports cars and innovative engineering."
The 325-job number appears to be soft at this point, with the statement indicating that some negotiation about which and how many posts will be cut is yet to come. Further, the company may "redeploy" some employees, and may even recruit new blood for "key roles," all with an eye toward running the strongest possible team going forward. Though, we imagine that the recruitment bit won't fly well for those employees getting the sack.

Lotus will go public via SPAC with $5.4 billion valuation

Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion. L Catterton Asia Acquisition Corp. will combine with the EV making subsidiary of the British carmaking group that Geely acquired back in 2017, the two said in a statement Tuesday. The special purpose acquisition companyÂ’s sponsor has ties to Bernard Arnault, the worldÂ’s richest man. Lotus Tech has been looking to go public since at least early last year. Management may have been encouraged by another luxury auto brandÂ’s recent listing: Porsche AG pulled off EuropeÂ’s largest initial public offering in a decade when it debuted in Frankfurt in September. A week later, Porsche overtook Volkswagen AG as EuropeÂ’s most valuable automaker. Rather than go the IPO route, Lotus Tech will merge with a SPAC whose sponsor combined with the private equity operations of ArnaultÂ’s luxury-goods powerhouse LVMH in 2016. LVMH is a passive minority investor in L Catterton, according to a spokeswoman. Arnault overtook Tesla Inc. Chief Executive Officer Elon Musk as the worldÂ’s richest man last month — the first time a European claimed the top spot on the Bloomberg Billionaires Index. While Group Lotus is tiny compared to Tesla, Geely has been steering it away from combustion engines and has several all-electric models planned for the coming years. Lotus Tech sees itself as a competitor to the likes of Ferrari and Aston Martin, and will get a jump on the first electric models from those brands. Lotus unveiled its all-electric Eletre sport utility vehicle last year and plans to launch a rival to PorscheÂ’s popular Taycan EV in 2023. Geely and other owners are expected to retain an 89.7% shareholding in Lotus Tech after the SPAC merger. GeelyÂ’s billionaire owner Li Shufu also controls Swedish carmaker Volvo Car AB and owns stakes in GermanyÂ’s Mercedes-Benz Group AG and the UKÂ’s Aston Martin Lagonda Global Holdings Plc. Deutsche Bank AG advised Lotus Tech on the deal, while Credit Suisse Group AG acted as capital markets adviser to the SPAC. Related video: Featured Gallery Lotus Eletre View 25 Photos Earnings/Financials Green Lotus Electric Luxury Performance

Lotus Exige Sport 410 Quick Spin Review | An unobtainable gem previews an American future

HETHEL, England — You can get the measure of a car brand by the environment in which its products are built. The narrow, bumpy, hedge-lined lanes of eastern England explain a lot about the way a Lotus goes. The character of a company's chief speaks to the brand's intentions as well. Jean-Marc Gales has been portrayed unflatteringly as a Eurocrat bean counter, but his approach has been to strip weight and cost out of the product to the benefit of performance on both track and bottom line, defining brand attributes that Chinese money can hopefully bring to a wider audience. He drives fast, thinks quickly and acts without hesitation. You sense he likes people who do the same, and the speed with which Autoblog posted the story announcing the new Exige Sport 410 is something he commented upon in flattering terms. Despite the fact that it'll never appear on American dealer lots, Gales made us very welcome at the factory to drive it. A quick update on where the Exige is at since it was last seen on American shores in 2011. Though it's still based around what's fundamentally the same extruded and bonded aluminum tub as every other Elise and Exige of the past 20 years, it's gained pounds, cylinders and performance to the point where it shows circuit pace that'll have 911 GT3 owners watching their mirrors. Since going from a 1.8-liter four-cylinder to the Evora-derived 3.5-liter supercharged V6, the Exige has evolved into a proper hot-rod, some way removed from its dainty roots and punching harder with each iteration. And there have been a few. Currently you can buy a Sport 350 or Cup 430 with the uprated, intercooled Evora engine and 430 horsepower, this new Sport 410 related to the latter and benefiting from many of its upgrades but tuned to be more road compliant. And a little cheaper. Unlike the Cup, you can also have it as a roadster, which, in an extreme example of the famed "add lightness" policy, basically equates to removing the roof panel. It's now arguably too much for the local roads, punching hard in angry bursts of acceleration between corners rather than dancing through them. With no power assistance to the steering and fat, grippy Michelin Pilot Sport Cup 2s, an Exige is a surprisingly physical car to drive, bearing in mind it weighs less than 2,500 pounds. A test track built on runways that once hosted U.S. Air Force B-24 Liberators is a better place to appreciate the Exige's talents.