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Lotus settles with ex-CEO Dany Bahar, avoids London High Court

Five years after it began, it appears the Dany Bahar tenure at Lotus is finally over. After former Lotus owner Proton brought in the ex-Ferrari and Red Bull marketing savant to run the company in 2009, everything had gone pear-shaped by 2012: Proton had been sold to Malaysian auto supplier DRB-Hicom, who suspended Bahar and then fired him for what it said were expense-account transgressions (although Bob Lutz reportedly said something different).
The separation led to the expected suit and countersuit, Lotus going after Bahar to get its money back, Bahar filing a $10.6-million suit againt Lotus for wrongful termination and potential bonus money. The case was set to go to trial next month but both parties have settled, the terms undisclosed, a DRB-Hicom statement saying only that "the parties involved in the legal suit have signed a Settlement Agreement and Release... and have agreed to withdraw their claims against each other."
Now that that bit of housecleaning is all cleared up, can new CEO Jean-Marc Gales please get our Esprit?

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

The Lotus Evija is the company’s first all-electric hypercar

Internally known as the Type 130, the new Lotus Evija combines several firsts for the British company into one wild shape. First of all, it’s the companyÂ’s first in-house all-electric car – the Lotus chassis provided to the likes of Tesla for the first Roadster doesnÂ’t count. ItÂ’s also the companyÂ’s first hypercar, claiming an astonishing (and provisional) 1,973 horsepower. Perhaps more importantly, itÂ’s the first all-new car from the company since the Evora, and the first to be conceived entirely under the ownership of ChinaÂ’s Geely. Yup, thatÂ’s a lot of firsts. ItÂ’s not the first EV hypercar – itÂ’ll have competition from the likes of Rimac and the upcoming Pininfarina Battista, plus the next-gen Tesla Roadster assuming that does eventually hit the market – but itÂ’s definitely early on the scene. And just look at it – the styling is wild, incorporating some continuing Lotus themes – particularly around the greenhouse – but with an overall direction thatÂ’s much brasher than the companyÂ’s other products. The deep side sculpting resembles is complex and stylized, as are the rounded, narrow quadrangle taillights supported by a massive rear diffuser. The front is arguably the least distinctive and biggest departure for the company. The verticality of the headlamps seems like a blend of the Ferrari F8 Tributo and the old Lamborghini Gallardo, without really aping either. Look closely and it appears to be an evolution of the shape of the EvoraÂ’s lamps, but without that context fresh in your mind itÂ’ll appear more generic supercar than something uniquely Lotus. The bodywork has some neat party tricks. Active aerodynamics allow for an F1-style Drag Reduction System, and thereÂ’s a deployable rear spoiler. There are no fixed side-mirrors; little cameras deploy from the front fenders and another camera embedded in the rear of the roof provides a rear view. ItÂ’s also different. The extruded, bonded aluminum architecture weÂ’re familiar with from the Elise/Exige line and the similar but unique Evora are gone, replaced by a company-first one-piece carbon fiber monocoque tub. Lotus is targeting a curb weight of approximately 3,700 lbs, and the lightweight tub (just 284 lbs) contributes to that.  The battery is housed behind the seats, and feeds power to four individual motors, providing all-wheel drive and infinitely variable torque vectoring.