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Lotus signs joint venture agreement with China's Goldstar

Lotus and China's Goldstar Heavy Industrial Company are forming a joint venture that will bring the historic British sports-car maker into the country. "The collaboration seeks to accelerate the development of Lotus cars in the premium sports segment in China," according to the announcement. The JV will include research projects on efficient and advanced technology, and ultimately lead to sales of cars there, Lotus said. China's auto market is no longer experiencing the double-digit growth of the past, but it still continues to expand. Meanwhile, Lotus saw sales jump 55 percent in the last fiscal year and it opened 36 new dealers, according to CEO Jean-Marc Gales. The joint venture announcement also hints at the possibility of Chinese-made models, but it shouldn't dilute the brand. Lotus is clear that core vehicles like the Evora, Exige and Elise would remain exclusively in production at the headquarters in Hethel, England. Just a couple years ago, Lotus appeared to be on its deathbed after losing a quarter of its workforce, but since that setback the company has started to crawl back. PROTON, LOTUS GROUP AND GOLDSTAR SIGNED JV AGREEMENT KUALA LUMPUR – PROTON Holdings Berhad ("PROTON") the ultimate holding company of Lotus Group, announced that it has signed a Joint Venture ("JV") Agreement with Lotus Group International Limited, United Kingdom ("Lotus Group") and Goldstar Heavy Industrial Co. Ltd. ("Goldstar") for a possible business expansion of Lotus cars in the People's Republic of China. The collaboration seeks to accelerate the development of Lotus cars in the premium sports segment in China, leveraging on the incentives offered by the Fujian Provincial Government. Both PROTON and Lotus Group are subsidiaries of DRB-HICOM Berhad. Signing on behalf of PROTON was the Honourable Tun Dr Mahathir Mohamad, Chairman of PROTON and former Prime Minister of Malaysia and witnessed by Dato' Abdul Harith Abdullah, Chief Executive Officer of PROTON. Signing on behalf of Lotus Group International Limited, United Kingdom was Jean-Marc Gales, Chief Executive Officer and witnessed by Mr Rohime Shafie, Director of Lotus Group and Chief Financial Officer of PROTON; and signing on behalf of Goldstar was Mr Zheng Qianghui, Chairman of Goldstar and witnessed by Mr Zhai Wenliang, President of Goldstar.

Lotus says the electric Evija is a trailblazer that will influence future cars

Lotus, a company known for making nimble sports cars, is stepping outside of its comfort zone to develop a 2,000-horsepower electric hypercar named Evija. Battery technology is heavy, so the limited-edition coupe won't be a featherweight like the Elise, but the firm's chief engineer told Autoblog it will be imbued with Lotus-ness. Keeping weight in check is easier said than done when you're dealing with four individual electric motors and a 70-kilowatt-hour lithium-ion battery pack. Matt Windle, the man in charge of the company's research and development department, explained the widespread use of composite materials like carbon fiber helps offset the mass. He cited clever packaging as another weight-saving measure. The part the steering column is mounted to is also used as a ducting for the HVAC system, for example. "We try to combine many requirements into one part to keep the weight down," Windle said. All told, the Evija (pictured) tips the scale at about 3,700 pounds. That's remarkably light for an electric hypercar, but it's heavier than any Lotus model in recent memory. And yet, Windle assured us it will still feel like a Lotus behind the wheel. That's partly because the battery pack is where the four- or six-cylinder would be in a mid-engined car rather than directly under the passenger compartment. This configuration gives the two passengers the impression of being wrapped in the cockpit while lowering the center of gravity. "We have the ability to deliver the driving dynamics and the performance that customers expect from a Lotus. It's the same dynamic setup, but with a different propulsion system," Windle pointed out. Lotus will initially cap Evija production at 130 examples, so there likely won't be enough units to fill demand, but that's par for the course when it comes to halo models. The numerous lessons learned from the project will trickle down into other models in the coming years, however, and the company has several products in the pipeline. "People do not understand that Lotus is still going. We want them to know we're still here, that we can still innovate," Windle said. "[The Evija] is not just a standalone product. The design language and the content that's in the car will give us direction as we shape future products that are coming. You'll see it as a trailblazer."

China's Geely says it has no plan to buy Fiat Chrysler — as FCA stock leaps

HONG KONG — Chinese carmaker Geely Automobile denied media speculation on Wednesday that it planned to make a takeover bid for Fiat Chryslerk Automobiles (FCA), the world's seventh-largest automaker. Geely was one of several Chinese carmakers cited in by Automotive News, which said representatives of "a well-known Chinese automaker" had made an offer this month for FCA, which has a market value of almost $20 billion. "We don't have such a plan at the moment," Geely executive director Gui Shengyue told reporters at an earnings briefing, when asked if Geely was interested in Fiat. He said a foreign acquisition would be complicated, but he did not elaborate. "But for other (Chinese) brands, it could be a fast track for their development," Gui added. However, a source close to the matter said FCA and Geely Automobile's parent firm, Zhejiang Geely Holding Group, had held initial talks late last year, without disclosing their nature. The source confirmed Geely was no longer interested in FCA, noting that the parent company had only three months ago announced its first push into Southeast Asia with the purchase of 49.9 percent of struggling Malaysian carmaker Proton, a deal that also included a stake in Lotus. Geel's denial failed to dent FCA's stock. The price of its Milan-based shares has jumped more than 10 percent to a 19-year high since Automotive News first reported on Monday, citing unnamed sources, that FCA had rejected the Chinese offer as too low. FCA stock on the New York Stock Exchange rose sharply on Monday from $11.60 to $12.38 and on Wednesday was trading at $12.84. FCA declined to comment on Wednesday. FCA Chief Executive Sergio Marchionne has repeatedly called for mergers as a way of sharing the costs of making cleaner, more advanced cars, but he has repeatedly failed to find a partner and retreated from his search for in April, saying FCA would stick to its business plan. He has also spoken of spinning the successful Jeep and Ram divisions off from FCA. Europe's largest carmaker, Volkswagen, and General Motors have both said they are not interested in talks with FCA. On Wednesday, Geely Automobile reported a doubling of first-half profit, above expectations, as cars designed with Sweden's Volvo won over domestic consumers. Volvo is a unit of the Zhejiang Geely group, and has recently announced it will share its technology with Geely.