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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 Evija's wild aero setup is detailed by chief aerodynamicist

The Lotus Evija is a car of firsts for Lotus. To that end, the company has spent a lot of time talking over the details. Today, we get to learn about the wild shape’s aerodynamics and what Lotus engineers were trying to accomplish. Richard Hill, chief aerodynamicist for Lotus takes a dive into all the details, and the video at the top of this post offers a great visual. “Most cars have to punch a hole in the air, to get through using brute force, but the Evija is unique because of its porosity,” Hill says. “The car literally ‘breathesÂ’ the air. The front acts like a mouth; it ingests the air, sucks every kilogram of value from it – in this case, the downforce – then exhales it through that dramatic rear end.” We can see what Hill means as we look at the Evija in photos. Instead of a regular front bumper, this one has pass-throughs that direct the air back into the side of the car. Lotus hasnÂ’t released the all-important coefficient of drag figure yet, but we have to imagine itÂ’s very low. The front splitter (below, left) is responsible for a few different things. The opening in the center takes in air to cool the battery pack that is mounted behind the seats. Then, the outer section of the splitter channels the air to the “e-axle” for cooling of the electrical components. And finally, it also produces downforce.  There are a couple more tunnels for air to pass through in the rear. These “holes” are likely the most distinctive design feature, especially when accentuated with the LED taillights. Hill says that these are also fully functional and help to reduce drag. “They feed the wake rearward to help cut drag,” Hill says. “Think of it this way; without them the Evija would be like a parachute but with them itÂ’s a butterfly net, and they make the car unique in the hypercar world.” On top of all these porous body structures, there are pieces that move. The rear wing can elevate upward from its flush body position and deploy into clean air above, creating more downforce. And then thereÂ’s an F1-style drag reduction system. This uses a horizontal plane that deploys from the car to make it slipperier through air. The final big piece of this puzzle is the underbody sculpting that directs air into the massive rear diffuser. This causes an upwash of air, in turn creating a massive amount of downforce. Hill sums it up quite nicely.

Lotus nearing decision on sedan versus crossover

Lotus may be comfortable for the time being developing newer and better versions of its existing sports cars, but it won't necessarily skate by on its aging product portfolio forever. According to a report from Reuters, Lotus and its Malaysian parent company DRB-Hicom are currently considering adding a new model to the British automaker's lineup. And in a further sign of the times, it seems likely that the new model would be either a sedan or crossover. "I'm a bit torn between an SUV and a four-door sports car – but in the end I can see that the SUV has the bigger market," Lotus CEO Jean-Marc Gales told Reuters. "We'd do an SUV that is very light, very fast on the track and has outstanding handling," in keeping with what Lotus is known for. It would not be the first sports car manufacturer to delve into either category, of course. Porsche rebuilt its business by expanding into both categories with models like the Panamera, Cayenne and Macan. Maserati has long offered successive versions of the Quattroporte, more recently launched the Ghibli sedan and will soon introduce the Levante crossover. Aston Martin has toyed with both, as has Lamborghini. Other marques like Ferrari and McLaren, however, remain resolutely opposed to either proposition. This past December, we reported that Lotus was preparing to go a slightly different route by offering a high-riding version of the Evora instead of a proper four-door sport-ute. This latest development, however, would appear to be quite different. The company's engineering division showcased the APX crossover concept back in 2006, and revealed the Eterne sedan concept as part of the grandiose plans of the previous Bahar administration in 2010. The last time the proposition came up this past August, nearly half of respondents to our online poll voted that Lotus should build a sedan, but not a crossover. Over a quarter of you said Lotus should built both, 2 percent voted for the crossover over the sedan, and 22 percent said Lotus should steer clear of either.