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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.

New Lotus SUV could be based on Volvo architecture

Last year, Chinese carmaker Geely upped its stake in Lotus to a majority, recently investing more money into the British brand. Now, talking with Automotive News, CEO Jean-Marc Gales says Geely has approved three new models: two sports cars and the third an SUV. The sports cars will be announced later this year, and they will reach production in 2020. The last time a properly new Lotus debuted was in 2009 with the Evora, so a decade later new products are certainly due. But what about that SUV? Autocar says that since Geely also owns Volvo, that makes it possible for Lotus to base the SUV onto the Volvo SPA platform, which is also used in the XC60 and XC90. The choice of platform would mean the SUV would have to be a four-cylinder model, but that's nothing new to Lotus. It could even use Volvo's "Twin Engine" hybrid setup, which would mean a power output of over 400 horsepower as stock, and that with Lotus' eagerness for lightness could be a potent combination. Autocar quotes Gales as saying, "It will go round bends like nothing else in its segment." The target weight for the approximately Porsche Macan-sized SUV is under 2,000 kilos (4,400 pounds), and the Macan weighs 4244 pounds in 400-hp Turbo guise. The Lotus SUV is projected to hit the market in "about four years," and it's very likely to be built in China instead of Britain, as the Chinese market is very enticing — especially for this class of vehicle. The vehicles will still be designed at Lotus' Hethel HQ. Related Video:

Lotus Exige Sport 410 is just over 2,400 pounds of forbidden fruit

Few automakers short of Jeep love cranking out new variants of a current model like Lotus. Today, the storied British sports car manufacturer revealed the new Exige Sport 410, essentially a more comfortable and road-friendly version of the track-focused Exige Cup 430. This is a mid-engine coupe with 410 horsepower and 310 pound-feet of torque and a dry weight that's slightly more than an ND Mazda MX-5 Miata. Too bad it's not-for-U.S. consumption. Thanks to U.S. safety regulations, the Lotus Elise and Exige aren't available in America. Europeans will enjoy the Sport 410's supercharged 3.5-liter V6 and 0-60 mph sprint of just 3.3 seconds. The car's top speed is 180 mph. Power is sent to the rear wheels through a six-speed manual transmission. Thanks to some sophisticated aero, the car can generate more than 330 pounds of downforce. Under the skin, the Sport 410 uses three-way adjustable Nitron dampers and adjustable Eibach front and rear anti-roll bars. Traction comes in the form of 285/30 ZR18 section rear and 215/45 ZR17 section front Michelin Pilot Sport Cup 2 tires, some of the stickiest rubber available for road use. Forged-alloy wheels are available in either black or silver. The car uses four-piston AP Racing brakes with two-piece rotors. Options include titanium exhaust, carbon-fiber instrument surround, sill covers, barge boards and roof, electrical cutoff and fire extinguisher controls, airbag deletion, a non-airbag steering wheel, four-point harnesses, a full-leather interior, and a dealer-fitted FIA-compliant roll cage. Of course, with enough cash, Lotus will tailor the car to-taste through its Lotus Exclusive program. Related Video: