2005 Lotus Elise Bwr Supercharged | Starlight Black/red | Touring | 31,500 Miles on 2040-cars

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Why Lotus thinks its luxury EV game plan will succeed globally

  Luxury sports car and EV maker Lotus completed its SPAC merger last week in the U.S. and its stock was publicly traded for the first time on Friday. It’s an interesting turn of events for the Geely-backed automaker now known as Lotus Tech given the uncertain EV market, but one that may prove an exception to the struggles of other pure-play EV makers. Trading under the ticker LOT on the Nasdaq, Lotus Tech will focus on the higher end of the EV market with its Eletre SUV and Emeya sedan, which will not only be offered in the US but also in Europe and, more importantly, China. “What is most important here is that we are definitely going to more markets at the same time through more models and through more stores,” said Lotus Tech CFO Alexious Lee to Yahoo Finance from the Nasdaq market site. By the end of the year Lotus will have four vehicles in production, three of them EVs. “These four models are currently available in Asia Pacific and part of it is also available in UK and EU,” Lee said. “We're having the new [Eletre] SUV model coming into the U.S. in the third quarter of this year, so different markets have different strategies and different product offerings and different conditions." Lotus is able to go to market in a number of territories due to the backing of its majority owner, Chinese auto giant Geely. But it also raised a considerable amount of money through its SPAC merger. Lotus Tech said it raised more than $880 million in pre-closing and PIPE financing commitments, with a targeted valuation on listing day of nearly $7 billion. Lotus Tech also had an interesting partner with its SPAC merging, combining with L Catterton Asia Acquisition Corp (LCAA), which is backed by French luxury conglomerate LVMH. Lotus Eletre in Solar Yellow View 11 Photos As Lotus targets the luxury segment with its vehicles — the Eletre and Emeya will be playing in the $80,000 to $150,000 ballpark — having a partner like LVMH, with its deep connections and insights into the luxury consumer, could be hugely beneficial. “Now what is more important here is Anish Melwani, who is the CEO for LVMH North America, will be on the board of Lotus Tech,” Lee said.

Lotus Evija EV supercar is charging toward series production

It's almost time for Lotus to begin production of real Evijas bound for customers, but first, it must go through its final round of testing. To accomplish this task, Lotus had to prep its brand-new production facility to build the final prototypes. New photos and video give a glimpse of what the Lotus assembly hall looks like.  The Evija, which means "the first in existence," is an all-electric supercar that Lotus hopes will be the most powerful production road car ever made. The supercar uses electric motors for four-wheel drive with torque vectoring and has a battery pack rated at 70kWh. Lotus claims it has 1,973 horsepower and 1,254 lb-ft of torque, can go zero to 60 mph in less than three seconds, can do zero to 186 mph in less than nine seconds, and has a top speed of 200 mph. All of that, with a weight of 3,704 pounds.  Possibly more impressive are the claimed battery stats. The Evija, which is the first Lotus developed with new majority shareholder Geely, can supposedly fully charge in less than 10 minutes and has a range of 250 miles. With a 350-kW charger, it'll fill up in 18 minutes. Lotus says the Evija has been an extremely collaborative effort, as 20 specialist contractors and 50 experts have been on site for the past six months. They've been hard at work in the new facility, which is located next to the 2.2-mile Hethel circuit in Hethel, in Norfolk, U.K. Check out the new state-of-the-art light tunnel, the vehicle lifts, the gantry crane, and more above and below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Race Recap: 2014 Spanish Grand Prix is boom and bust [spoilers]

The Spanish Grand Prix's 2.892-mile Circuit de Catalunya is considered a preview for the rest of the season, since it's a combination of long front straight and twisting middle sectors mimic sections from every other Formula One track to follow. After the long break following the flyaway races to open the season, teams and fans have also been looking forward to this race to see if anyone had a realistic hope of catching Mercedes AMG Petronas; Infiniti Red Bull Racing honcho Christian Horner boiled his team's outlook for the season down to the line, "We've got to [beat them in Spain] if we're going to make a championship of it."
If we take that as our starting point then the weekend began as a bust. Lewis Hamilton only just beat Mercedes teammate Nico Rosberg for pole, the Brit's final effort getting him 0.178 seconds clear of the German. Daniel Ricciardo, proving Red Bull is at least the best of the rest, took third but did so more than a second behind Hamilton. Valtteri Bottas of Williams lined up fourth, almost 1.5 second behind and Romain Grosjean delivered overdue good news for Lotus by taking fifth on the grid, more than 1.7 seconds behind pole. Kimi Räikkönen in sixth outqualified his Ferrari teammate Fernando Alonso in seventh, but he couldn't be happy about it because the Ferraris were nearly two seconds behind, and Jenson Button in eighth in the McLaren was more than two second behind. Felipe Massa put the second Williams in ninth, and Sebastian Vettel overcame a terrible start to the weekend to make it into Q3, then didn't set a time when his gearbox failed, then got dropped five places to 15th on the grid when the gearbox had to be changed.
When the lights went out, then came the boom...