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Renault bailing out Lotus F1 Team to pay $4M tax bill

The road ahead looks to be clear for Renault to reacquire the Formula One team that once bore its name. The latest reports have it that the French automaker is prepared to pay a multi-million-dollar tax bill to the British government to keep the Lotus team from entering bankruptcy proceedings. According to the report from Autosport, the Lotus F1 Team owes a massive GBP2.7 million – equivalent to over $4 million at current exchange rates – to the Her Majesty's Revenue & Customs authority for income tax and national insurance (Brit-speak for social security). The team was supposed to have withheld and submitted the funds on behalf of its 400 employees dating back to June, but since it has yet to pay up, it's being taken to court by the UK government. Apparently unable to foot the bill, the cash-strapped team looked poised to enter bankruptcy just as the Caterham and Manor/Marussia teams did last year. But Renault is now poised to step in to the team's rescue. Those with a longer memory for F1 history will point out that the Lotus team – which has little to do with the sports car manufacturer of the same name – dates back to 1981, and has changed title and ownership several times over the years. What was founded as Toleman was then taken over by Benetton. Renault acquired the team in 2000, but sold it to its current owners Genii Capital in 2009. The team based in Enstone, UK, won back-to-back world championships with Michael Schumacher in 1994-95 and again with Fernando Alonso in 2005-06, but has struggled both competitively and financially over recent years. Consigned to an engine-supply role since divesting itself of majority interest in the Lotus team, Renault has been rumored to be preparing to reacquire the outfit from Genii – and in all likelihood switch it back from Mercedes power to its own. Paying the outstanding tax bill will likely emerge as the first step in that reacquisition. Once it takes over full ownership again, Renault is expected to rebrand the team in its own image, and will then have to decide on driver and other personnel contracts for next season. Related Video:

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 Type 133 / Envya spy photos show it in thin camouflage

Lotus's upcoming electric sedan, codenamed Type 133 and potentially named Envya, has been caught in spy photos once again, and this time we get an impressively clear look thanks to thin, branded camouflage. It looks as long and slinky as ever, and design elements from the Lotus Eletre electric SUV are obvious. It also looks as though it's closely related to the Polestar 5 sedan. The nose of the Type 133 is a near note-for-note remake of the Eletre's, but significantly lower and flatter. Frankly, it's a much better execution of the design to these eyes. It has the split headlights and the hexagonal active grille shutters like the SUV, too. Close examination also shows that the upper headlights consist of two scowling lenses on each side, with the upper ones obscured by vinyl camoflage. The low nose rises quickly over a short hood into the long, raked roofline that continues right through to the tail. The Type 133 is absolutely a modern fastback-type sedan, and likely features a hatchback. At the leading edge of the roof, there's a sensor that's presumably for advanced driver aids, and is one of the signs that this car likely is closely related to the Polestar 5, which was previewed with a similar sensor. Around at the back, the Type 133's details are harder to see due to the final taillights not being installed. But it does appear to be getting full-width units, and there are some diffuser-like details in the rear bumper. Besides that aforementioned sensor, the whole car's shape, size and proportions look extremely close to the Polestar 5's and those of the Precept concept that previewed the Polestar. The low nose, long roof, roof sensor, flush door handles, they're all very similar. And with Geely owning both brands, it's not really a surprise. The same electric platform from the Eletre is likely powering the Type 133, and power could range from 595 to 893 horsepower. Battery packs could range from 92- to 120-kWh. With how finished and thinly disguised this prototype is, we think the Type 133 could be revealed sometime this year, possibly going on sale next year.  Related Video: