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Renault paid GBP1 to buy back its F1 team

Running a Formula One team is anything but cheap and straightforward, but it didn't cost Renault much to reacquire the Lotus team from Genii Capital. In fact, according to the latest reports, the French automaker paid just GBP1 – less than a buck fifty – for the privilege. Still, the process was deeply complicated. The reason Renault was able to get it so cheap is because the team was deeply in debt, part of which Renault will now assume. Less than a year ago, the team was said to be nearly $200 million in the red, and just a few months ago Renault came to its rescue to pay a $4 million tax bill to the British government. Under the terms of the new deal, Renault will assume the debt that the team's previous owners had accrued, but will be spared the nearly $150 million which its stakeholders loaned to the team. The history of the outfit based in Enstone dates back to 1981 when it was founded as Toleman Motorsport. French fashion giant Benetton bought the team in 1985, which in turn sold it to Renault in 2000. A decade later, after two world championship titles, Renault began stepping back its involvement in the team and gradually transferred ownership to investment firm Genii Capital, which has run it ever since under the Lotus name that it secured from the automaker under contract until 2017. Unable to fund a competitive team, Genii has now sold the team back to Renault, but the financial intricacies of the deal are far from straightforward. To start with, Genii and its subsidiary Gravity Motorsports (the team's parent company) didn't hold all the shares in the operation, so it bought back over 6 million shares from Whiterock Alliance to add to its own 60 million shares. The vast majority of those shares were then transferred (for that princely sum of GBP1) to Gringy (UK) Ltd, the shell company that technically owned the team in its Benetton days. Gringy (a wholly owned subsidiary of Renault) will hold a 90-percent stake in the team, with the last 10 percent remaining in Genii's hands and those of its investors. In the process, the outfit will now rejoin the likes of Ferrari and Mercedes among the F1 teams developing their own powertrains. Related Video: News Source: Motorsport.comImage Credit: Dimitar Dilkoff/AFP/Getty Earnings/Financials Motorsports Lotus Renault F1 genii capital

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Lotus will let Evija buyers configure their 2,000-hp electric car on their couch

The men and women who reserved a Lotus Evija will have the opportunity to configure their 2,000-horsepower electric car without getting off their couch. Several aspects of the coupe are customizable, so the company created a digital, touchscreen-based configurator to let clients design their car without leaving their home. Online configurators have been around for over a decade, but Lotus explained its software is more advanced and life-like than what's normally found on a manufacturer's website. It relies on a powerful graphics processor and software gleaned from the gaming world to display extremely realistic images of the car that almost look like they're photographs. Enthusiasts can see the Evija from every angle, inside and out, and they can pelt it into different worlds to check how a specific color looks in the shade or in direct sunlight. The configurator's last party trick is what the firm calls a 360-degree fly-through film which looks like it was shot with a drone. Lotus Evija configurator View 10 Photos When they're done, customers can hit save to send their configuration to Lotus headquarters in Hethel, England. They won't take delivery immediately, the Evija is a limited-edition car built largely by hand, so the company will whet their appetite by periodically sending them gifts. It hasn't revealed what it will ship clients, though it's not too far-fetched to imagine a scale model will be in one of the care packages. Each customer will also receive a personalized build book showing the car at different stages during the production process. Lotus will make 130 examples of the Evija, and it's planning to launch production before the end of 2020. The first year's allocation is already spoken for, according to the firm, so act fast if you want to add one to your collection. Alternatively, Lotus told Autoblog the Evija is a trailblazer that will influence future models, notably in terms of design and technology, so you're in luck if you like what you see but want it at a cheaper price point. Those of us who aren't waiting for a ticket into the Evija club will need to wait for their chance to spec one. "At the moment, [the configurator] is only for customers," a company spokesperson told Autoblog via email. Related Video: