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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 CEO busted doing 102 mph uses 'Test Driver' defense

A UK police officer busted Lotus CEO Jean-Marc Gales doing 102 miles per hour in a Lotus on the A11 motorway near the carmaker's Hethel HQ. Doing 102 mph in a Lotus isn't a problem. Doing 102 mph in a Lotus in a 70-mph zone, however, is. The even bigger problem for Gales was that according to the sentencing guidelines, the minimum spanking for such hijinks is three points added to the driver's record and a GBP100 fine. The biggest problem for Gales was that he already had eight points on his license for previous offenses. At 12 points, a UK driver can be banned from driving for six months, and Gales did not want to be one tiny point away from that fate. Gales could have explained himself in court, but he had his solicitor, Simon Nicholls, do it for him. Nicholls prepared an arcane quodlibet that could be called the "Test Driver Defense." The premise was that as CEO of a sports car company, Gales felt compelled to test drive his company's newest products, and that Gales' hands-on, wide-open-throttle approach to his job is partly "responsible for the remarkable turnaround in the fortunes of the company." As such, it would be "vital" for Gales to continue doing his work, beneficial to the country as it were. The cheekiest bit came when Nicholls said, "Of course [Gales] was driving very carefully but was not driving in accordance with the speed limit," and that sentencing guidelines are "handrails not handcuffs." The solicitor furthermore suggested that instead of assessing points, the court should issue a 30-day driving ban and a fine. And the court agreed. On top of ordering Gales into the shotgun seat, the magistrate instructed Gales to pay GBP666, plus GBP100 for court costs, and GBP66 for a victim surcharge. That's about $1,400 in US funds, but no points. Then the magistrate said Gales - who wasn't present - should stick to test tracks instead of public roads for his triple-digit duties. The episode proves that Lotus not only knows how to add lightness to cars, it knows how to do the same for justice. Related Video:

Detroit Electric SP:01 electric Lotus project not dead yet

Detroit Electric is still on board to produce the Lotus Exige-based SP:01 electric sports car, which has been delayed more than once already. According to the carmaker, the SP:01 prototype is currently undergoing testing at a facility in Europe, as we can see in the above photo provided by Detroit Electric. Details about the production schedule and on-sale date for the SP:01 are still unclear, but Detroit Electric says it will announce more about that in the coming weeks. Production was originally supposed to begin last year, but was delayed when plans to build the car in Plymouth, MI fell through. Production is now planned to take place in Holland, but there's still potential for future models to be made in Detroit. The company has stated that the SP:01 will come with a base price tag of $135,000. Like the Tesla Roadster, the Detroit Electric SP:01 uses a Lotus chassis. The car's electric motor provides 201 horsepower and 166 pound-feet of torque to the rear wheels, pushing the car to 62 miles per hour in 3.7 seconds, with a top speed of 155 mph. Range on a full charge is said to be more than 180 miles. The SP:01 has been off to a bit of a rocky start, but this bit of news shows there's still life in the project. Let's just hope it all continues smoothly. See what Detroit Electric has to say for itself in the press release below, or check out our original post about the SP:01 for all the details about the car. World's Fastest Production Electric Vehicle Prepares for Launch Detroit Electric, the international electric vehicle manufacturer, is finalising dynamic testing of its SP:01 pure-electric sportscar at a facility in Europe ahead of its introduction in several world markets. The lightweight, two-seat, rear-wheel-drive, open-top sportscar promises to thrill the EV market with its blistering performance and exhilarating dynamics. This latest version of the SP:01 has seen additional development work carried out by Detroit Electric's engineers and designers since a pre-production version of the vehicle was revealed to the media at events in Detroit, USA, and Shanghai, China, last year. Further details of the car and Detroit Electric's production and sales plans will be announced in the coming weeks. Related Gallery Detroit Electric SP:01: Live View 11 Photos Related Gallery Detroit Electric SP:01 View 9 Photos News Source: Detroit Electric Green Lotus Electric prototype testing detroit electric detroit electric sp:01 sp:01