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Lotus F1 team $186 million in debt

The Lotus F1 team has fallen on some hard times. Majority-owned by investment firm Genii Capital and having little to do with the British automaker with which it shares its name, the Enstone-based outfit has been widely reported to be in serious financial trouble. The extent of those difficulties were until now unknown, but a new report from Germany's Auto Motor und Sport reveals that the team is in the red to the tune of £114 million - equivalent to $186 million at today's conversion rates.
The lack in cashflow is widely believed to have been the impetus for Kimi Raikkonen's departure from the team in order to return to cash-rich Ferrari, and was one of the major factors in selecting Pastor Maldonado to replace him instead of a more proven and accomplished driver of Raikkonen's caliber. Maldonado brings with him major sponsorship funds from Venezuelan state oil company PDVSA. In speaking with the German publication, however, Lotus F1 chairman (and Genii co-founder) Gerald Lopez revealed that the lion's share of the team's debt - £80 million or $130 million - is with Genii Capital itself, a negative balance that isn't likely to affect the team's day to day. That leaves about $56 million which the team owes to outside parties, including Raikkonen, who has yet to receive the full pay he was contracted for.
The team has opted to sit out the first test session of the Formula One season at Jerez. Its 2014 chassis isn't ready and, given the relatively cold temperatures at this point in the year, the team wouldn't expect to learn much about tire performance and degradation. As far as the new engine goes, Lopez says that any knowledge gleaned by Red Bull, Toro Rosso and Caterham at the test session will ultimately be shared with Renault and through it back to Lotus as well. Lotus engineers helped develop the new KERS system with Renault regardless, so the team already has the energy-recovery data it needs. The team will instead prepare for the second test session in Bahrain, by which point it aims to have its new car ready to kick off the season. Lopez says that it has secured the funding to offset its costs for the season ahead, and that it is working to pay down its debt.

Lotus is giving the electric Evija a V8-inspired soundtrack

Sound is a big part of the Lotus experience, whether it comes from a four- or a six-cylinder engine, so the company doesn't want its first electric car to be completely silent. It enlisted the help of music producer Patrick Patrikios to remix the Type 49 Formula One car's V8 into a series of sounds that will be programmed into the upcoming Evija. Patrikios comes from the music industry, he has notably worked with artists like Sia and Britney Spears, but he welcomed the collaboration with Lotus because he's been a fan of the brand since his father showed him an Esprit when he was a kid. He set out to create a new range of sounds that fits the Evija's character while honoring the carmaker's heritage, a task that's difficult to accomplish. Luckily, Lotus has several sonorous engines on its resume. "There's a purity to that V8, a raw edge and an emotion that stirs something in your soul, just like the best songs," summed up the producer when asked why he chose the eight-cylinder that powered the Type 49 to victory. Lotus Evija and Lotus Type 49 View 3 Photos After recording the Type 49's exhaust note, he began digitally remastering it and realized that slowing it down put it on a frequency similar to the natural driving sound emitted by the Evija. "I adjusted the replay speeds and digital filtering of the Type 49 to generate a soundscape for the Evija – it was a very organic process," he said. You can listen to the sound created by Patrikios in the video above; it's what pedestrians will hear when the Evija speeds by. He also developed the various chimes and tones that will resonate through the cabin, like when the turn signals are activated or when a seatbelt isn't fastened. Lotus previously confirmed that the Evija will influence future cars, and we know additional EVs are in the pipeline, so the sound could spread to other models.

Lotus teases its sleek Type 130 electric hypercar

Lotus has shown a teaser image of a new concept, which will usher in the automaker's electric era. The Type 130 hypercar concept will be shown later this year in London, but this aerodynamic teaser is the first glimpse at its shapely flanks. The Type 130 is said to be in "advanced stages of development." According to Lotus, the Type 130 will spawn a production version, which will be the brand's first all-new vehicle in 11 years. It will be partially bankrolled by Lotus' parent company, the Chinese carmaker Geely, which also owns Volvo. Despite that, the hypercar will not be built in China, but in England. An earlier Autocar article estimated the eventual price at around $2.6 million. Last month, news broke that Lotus is also bringing another new car to market, but that one is likely to retain internal combustion technology along with engineering ties to older Lotus architecture, as it forms a sort of "bridge" between current Lotus products and its future cars. Hence, it can't be called "all-new" in the same sense as a fully electric halo model can. Lotus also noted some of its "firsts" when informing the media of the upcoming concept, which it calls "the world's first full-electric British hypercar." The 1995 Elise was the world's first aluminum and bonded extrusion construction production car, while the 1957 Elite was a production first in the sense that it first brought the composite monocoque within the reach of customers. Between those, there was a lot of groundbreaking F1 knowhow: ground effects for the '77 Type 78 F1 car, carbon fiber for the '81 Type 88, and active suspension in 1983.