2005 Lotus Elise In Silver 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.

2022 Lotus Emira packages and colors detailed along with European pricing

Lotus just dropped all the nitty gritty details on the Emira First Edition, and it even provided European pricing. Unfortunately, we’re being told to wait for official U.S. pricing information, but this gives us a general idea of what to expect. WeÂ’ll start this off by letting you know that an Emira First Edition is fully loaded up with options, making it extra expensive. Europeans will be paying ˆ95,995 for the model, and in case youÂ’re in the U.K., your price is GBP75,995. The Euro equivalent is $112,000 at todayÂ’s exchange rates, while the pound sterling equivalent is about $104,000. Without U.S.-specific pricing available yet, itÂ’s impossible to nail down an exact figure. That said, expect it to be around $100,000 or a little more for the Emira First Edition here. Lotus tells us what you get for your First Edition money, too. It specifies that this model is the “V6 First Edition,” because a not-yet-detailed “i4” First Edition is coming late next year to launch the AMG-sourced four-cylinder model. The V6 comes with the six-speed manual transmission standard. It also adds the available 20-inch forged alloy wheels with a diamond-cut two-tone finish and two-piece brake discs with branded calipers. A bunch of optional packages are fitted as standard with the First Edition. You get the Lower Black Pack, which gives you a glossy black paint finish for the front bumper air blades, front splitter, side sills and rear diffuser. The Drivers Pack gives you the choice between the Tour or Sport suspension (Sport is slightly stiffer). Tour comes with Goodyear Eagle F1 Supersport tires, and Sport comes with Michelin Pilot Sport Cup 2s. The standard Design Pack adds privacy glass, sports pedals, Lotus-branded floor mats, a black Alcantara headliner and the choice of brake calipers in a few different colors. The Convenience Pack then adds front parking sensors, rain-sensing wipers with aero blades, auto-dimming mirrors and a rear luggage storage set. In Europe, this last pack also adds a reverse camera, but that will be standard equipment in the U.S. by law. You can add even more money to the Emira First EditionÂ’s price by opting for the full Black Pack (an extra GBP1,200 or ˆ1,370). This coats a number of other exterior parts in glossy black paint including the roof, mirrors, Lotus badge and exhaust finisher. Lastly, an automatic transmission is available for GBP1,800 or ˆ2,600, but thatÂ’s one you should skip.

Lotus hiring 100 after securing lb100m investment

Lotus is getting a shot in the arm courtesy of corporate parent DRB-Hicom, which has announced a 100-million pound ($152.3M USD at today's rates) investment in the Hethel, UK-based manufacturer. The troubled brand was also in the news last week, with DRB announcing a new, three-year plan that would see variants of existing models introduced.
The money will create 100 new jobs in Hethel, with 45 new engineers, 40 manufacturing operatives and 18 university grads joining the team. Lotus has already seen an uptick in sales this year, according to a Norfolk-based news site, with 40 to 45 cars being produced per week and 722 road cars and 45 race cars sold between January and May. Even sales in the UK have seen a big jump - Lotus only moved 70 units in 2012, but it's already sold 80 cars in the first half of 2013.
Better yet, Lotus is citing an increased demand for its cars around the globe as the motive behind the new hires. While still quite uncertain, Lotus looks like it might finally be on the right track.