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Lotus sells loads more cars, earns way more money

Sports-car company Lotus has reason to be excited. It released some facts on its sales and financial performance for the 2016 and 2017 fiscal year, and it has seen some impressive improvements. According to the company, it sold nearly 60 percent more cars in mainland Europe compared with the 2015/2016 fiscal year, and it sold six times as many cars in the U.S. compared with that year. This helped it go from a loss of GBP16.3 million for the previous year in earnings before interest, taxes, depreciation and amortization (EBITDA) to a GBP2 million profit EBITDA. The fact that those numbers are given before all those extra expenses is noteworthy, though, as it means the company isn't truly profitable yet, despite major gains. The company did report numbers that only excluded tax, and those show the company still lost money. But the good news is that it lost much, much less money than the year before. Before taxes for the 2015/2016 fiscal year, the company lost GBP41.2 million, and this year, it only lost GBP11.2 million. The company expects it will be profitable before tax in the coming year. So Lotus isn't perfectly healthy yet, but this, combined with Geely's recent acquisition, shows it's well on its way to becoming fit as a fiddle. We like the cars Lotus makes, so we hope that things keep getting better, and that we'll maybe get more Lotus models in the future, beyond just the Evora road car and 3-Eleven track car. Related Video: Featured Gallery 2017 Lotus Evora 400: First Drive View 29 Photos Image Credit: Lotus Earnings/Financials Lotus Coupe Lightweight Vehicles Performance

Lotus Advanced Performance division wants to make your dreams come true

Lotus took a big step in its quest to position itself as a British alternative to Porsche by launching a division called Advanced Performance. Run by a former Aston Martin executive, Lotus Advanced Performance will design and build one-off and few-off models, among other tasks. Most high-end and specialty carmakers operate a program that gives customers some degree of freedom in terms of customization. Lotus was, until now, largely an exception to this rule. It hopes to make up for lost time by giving its Advanced Performance division a surprisingly long list of responsibilities. First the department will be responsible for building "ultra-exclusive and unique vehicles" that will not be part of the firm's regular-production line-up. One of these (shown in a sketch above) looks like it draws inspiration from classic Formula One cars. Details are few and far between, but the massive rear wing speaks volumes about the kind of halo cars we'll see in the not-too-distant future. What's unclear is whether Lotus will take customer requests. We've reached out, and we'll update this story if we learn more. Designing limited-edition models and developing race cars will also fall within the scope of Advanced Performance's responsibilities. And, it's the door that buyers who want to customize their car will need to knock on; they'll be able to select different paint colors, trim materials, and upholsteries. Optional extras and a range of Lotus-branded accessories will also emerge from Advanced Performance's headquarters. Immersing customers and enthusiasts into the Lotus world is important as well, so Advanced Performance will organize tours of the brand's production lines, organize driving academies around the world (including on the Hethel test track in England) and prepare "money can't buy" opportunities for clients. There's no word yet on what these experiences will look like; more information should emerge later in 2022. Lotus put Simon Lane in charge of its Advanced Performance division. He's a good choice: his resume includes leading Aston Martin's Q division, whose list of responsibilities looks a lot like Advanced Performance's. Q notably brought us the V8-powered Cygnet in 2018 and the one-of-a-kind Victor unveiled in 2020. Some of its other projects have been more tame: it gave the DBX a long list of carbon fiber parts. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lotus admits its fancy London shop is a waste of money

Piccadilly in London is one of the most expensive shopping streets in the world. And right by where they filmed that awesome scene from American Werewolf in London, Lotus has a showroom. I wandered in last week. Handmade suit, posh watch, smart shoes. But the lack of interest from the sales staff made me think I was wearing a Kimi "Leave me alone I know what I'm doing" T-shirt. To the cognoscenti it's a bit confused. There is no separation between the Lotus F1 team and Lotus cars. Even though a friend at Lotus F1 once told me that the team has a closer relationship with Microsoft than it does with Lotus Cars. What makes this especially strange is that the F1 stuff is front and centre: overpriced caps, T-shirts, and team gear, with the cars playing second fiddle. Yet this is a store paid for by Cars. You have to wonder what the shop is going to sell next year when the Enstone F1 team drops the Lotus name to become Renault. But that is nothing to the wondering you start to do when you speak to the staff. On a previous visit I'd asked about the relationship between Lotus F1 and Lotus Cars, and the sales staff insisted that they were one and the same. A short time after that I spoke to Lotus CEO Jean-Marc Gales at an event where he'd been the guest speaker. He told me that moves were underway to fix the problem and that they would soon have staff in the shop that knew about the cars. So last week's return visit was depressing. In the back there is an Exige and an Elise. I asked the difference and the girl suggested that we look it up on the internet. She took a business card, I made my excuses and left. Daft really I might not have bought a car but I was seriously tempted by the GBP20 carbon fibre pen. My local dealer, Hexagon, called and mailed, but what was really telling, and bloody impressive, was the call from Hethel. I vented my disappointment with the Piccadilly store, and the Lotus man explained. And impressed. Normally you'd get some dreadful company line about how the shop wasn't for people like me, that it was all deliberate to avoid scaring people off and welcome new blood to the brand. But instead he was honest. He told me that the shop was a folly. That it was one of Dany Bahar's many expensive ideas. He signed a ten-year lease on the shop at a million pounds a year and they can't afford to run it. They did train up some good people but, as you can't pay people rural Norfolk salaries and expect them to work in Piccadilly, they left.