Sport Lss Traction Control 18k Miles Like Exige Not Supercharged Clean Aubergine on 2040-cars

Auto blog

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 reveals new LMP1 at Le Mans

Lotus is at Le Mans this week where it has unveiled its new LMP1. Only it's not racing at Le Mans. And it's not really a Lotus, either.
The prototype belongs to an independent German team that ran a Lotus chassis in the LMP2 category last year, but was granted license by the FIA and ACO to step up to the top-tier LMP1 category to dice it with the front-running hybrids from Audi, Porsche and Toyota this year. Unfortunately, the team - which licenses the Lotus name from the automaker, much as the F1 team does - faced some setbacks. Not the least of those delays resulted from a mid-stream switch in engine suppliers from the Audi-sourced, naturally aspirated V8 it was originally set to use to a new turbocharged V6 from Advanced Engine Research.
As a result it wasn't ready for the Silverstone race that kicked off this season's World Endurance Championship in April. Nor was it ready for the second round at Spa in May or not for the headline event this weekend at Le Mans, but it aims to be on the track at the next round in Austin.

Watch Lotus F1 team careen through a mall in Renault Twizy EVs

The Lotus Formula One Team is sticking with drivers Romain Grosjean and Pastor Maldonado next year, but it's dropping Renault as an engine supplier in favor of Mercedes power. The 2014 F1 season is barely over, though, and that mean's there still a little time left to put those marketing dollars to work, while still having a little fun, too. To that, Renault has put Grosjean and Maldonado behind the wheel of two Twizy electric cars and unleashed them on The Dubai Mall for an ad for the little buggies. The place is one of the world's largest shopping centers, and it also houses an aquarium, an ice skating rink and even a dinosaur. It's a big place, and unsurprisingly, the two F1 pilots drift the little buggies with ease around every part of the complex. Grosjean even gets some time on the ice. Check out the ad for the quirky EV in the video above. Related Gallery Paris 2010: Renault Twizy View 15 Photos News Source: Renault Middle East via YouTubeImage Credit: Related images copyright 2014 Drew Phillips / AOL Marketing/Advertising Motorsports Lotus Renault Coupe Electric Videos renault twizy Romain Grosjean lotus f1 team pastor maldonado