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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 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 planning new 400-hp 2-Eleven successor [UPDATE]

UPDATE: A previous version of this post suggested the Evora's new 400-horsepower V6 might find its way into the Elise, but sources indicate that it wouldn't fit. The text below has been updated accordingly. It's been nine months since Jean-Marc Gales took over as the new head of Lotus, and as Top Gear recently discovered, the former Peugeot chief is cleaning house. Gales doesn't put himself in the camp of past Lotus execs (Dany Bahar chief among them) who've reasoned that the company can only succeed if it introduces new and more upscale products. Instead he's focusing on the brand's existing models – namely the Elise, Exige and Evora – but don't think that means they'll just be skating by. On his watch, Lotus recently introduced the Elise S Cup (apparently the first model it ever introduced on schedule) and the new Evora 400 (ahead of schedule), and there are plans for more. Though Gales apparently has no intention of producing an engine in-house, the Toyota-based 3.5-liter supercharged V6 – now producing 400 horsepower and 302 pound-feet of torque – is slated to be slotted into the Exige as well. Perhaps most exciting, though, is the prospect of a successor for the 2-Eleven. That windowless speedster was the most extreme interpretation of the Exige, packing just 252 hp but weighing less than 1,500 pounds. The next version would weigh considerably more – closer to 2,000 pounds – but pack that new 400-hp engine to drive the power-to-weight ratio through the roof (if it even has one) in pursuit of a Nurburgring lap record. Don't expect it to switch to carbon fiber construction, though: Like his colleagues at Ferrari, Gales is convinced that aluminum is the way to go, offering comparable weight-saving benefits but at a fraction the cost. To ensure that these new products don't disappear in a cloud of tire smoke and irrelevance, Gales is also overhauling the way Lotus markets its cars. For one thing, he's opening new showrooms in key markets like Paris, Berlin, Monte Carlo and Abu Dhabi. For another, he's making sure Lotus actually keeps a database of its customers, something which it almost unbelievably didn't bother with until now. Those might not be the most exciting aspects of the business, but if that's all it will take to keep Lotus in the game, we're all for it. Featured Gallery Lotus 2-Eleven track car View 18 Photos News Source: Top GearImage Credit: Lotus Lotus lotus 2-eleven