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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

1991 Lotus Elan | eBay Find of the Day

Lotus has always been a company that goes its own way, and the 1991 Elan you see above is quite possibly the strangest vehicle that the British automaker has ever designed and built. It's powered by a 1.6-liter turbocharged four-cylinder engine that sends 162 horsepower to the front wheels through a 5-speed manual gearbox. This generation of the Elan, which was produced from 1989-1995, remains to this day the only front-wheel-drive vehicle that Lotus has ever sold. And it wasn't very popular, with only 3,855 sold worldwide and less than 600 imported to the United States. That makes it a very rare car indeed. Lotus promotional materials claimed there were "definite advantages in traction and controllability," and added that "drawbacks such as torque steer, bump steer and steering kickback were not insurmountable." Road tests of the front-drive Elan almost universally praised the vehicle's excellent handling performance. The car you see here, sold by Gateway Classic Cars of Fort Lauderdale, Florida, looks to be in pretty good overall condition. The mileage is on the high side at nearly 111,000, but it has new paint, a new convertible top, and a refurbished interior. The asking price stands at $16,995, which makes it one of the least expensive vehicles to wear a Lotus badge that you can park in your garage and enjoy.

Lotus Evora, Exige, and Elise add lightness to Geneva

The folks at Lotus have been quite busy over the past few months adding lightness to their vehicles. Since December, the company has introduced lighter, quicker versions of the Evora, Exige, and Elise, and all three members of the trio are present at the 2016 Geneva Motor Show. Each one is special in its own way, but if you crave a nimble sports car, you probably wouldn't be disappointed with any of these new models. The Evora Sport 410 is the most luxurious member of the bunch, at least by Lotus standards. At 2,921 pounds, it's also the heaviest, but a 410-horsepower 3.5-liter supercharged V6 makes this one the most powerful, too. The coupe can rocket to 60 miles per hour in 3.9 seconds and to a 186-mph top speed. Lotus will make just 150 of these special Evoras per year, and they'll have carbon fiber parts for the roof, tailgate, sports seats, and more. Best of all, this will be the only one of these three that will get a North American version. The Exige Sport 350 Roadster is the coolest member of this group, featuring tartan seats that we absolutely love. It's also the quickest of the three, reaching 60 mph in just 3.7 seconds, and it tops out at 170 mph. The rapid sprint is possible because the 345-hp 3.5-liter supercharged V6 only needs to push 2,480 pounds. The Elise Cup 250 rounds out the group with the lightest weight at 2,053 pounds (2,030 pounds with the optional Carbon Aero Package) but the least power at 243 hp. However, it certainly isn't slow with a 60-mph run in 3.9 seconds and a top speed of 154 mph. Lotus plans to make just 200 of them year each year. If you could pick any one of the three, which would you choose? The Evora might be the most livable every day but chucking around the Elise could be a barrel of fun. There're also those fantastic seats in the Exige. Let us know in Comments which one you want the most.