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2024 Lotus Eletre First Drive Review: And now for something completely different ...

OSLO, Norway — It doesnÂ’t get much more future-forward than the 2024 Lotus Eletre, a ginormous leap into electrification that looks, feels and drives like nothing before it. The EletreÂ’s all-new everything pushes into uncharted territory for Lotus: this is the brandÂ’s first EV and SUV, entering a crowded market that is critical to the future of the 75-year-old British nameplate. No pressure Lotus, weÂ’re here for it. First off, the design. As frivolous as it seems to address the subjectivity of looks, appearance matters with six-figure statement pieces. Despite the EletreÂ’s underpinnings being developed in Sweden and Germany, and the fact that it's built in China by majority stakeholder Geely, the design hails from the spot where the brandÂ’s late, great founder Colin Chapman first set up shop: Hethel, England. The design is triggering for many, from the split front grille and bifurcated headlamps to the height of the midsection and the sweep of the tail. Now that the SUV field is utterly oversaturated, the EletreÂ’s looks are easily relatable to other more familiar vehicles. In person, thereÂ’s far more to the Eletre than the internet comments of “Hey, that just looks like (blank)” would suggest. Yes, certain bits feel derivative, particularly the nebulous headlamp zone. But thereÂ’s also inventiveness in the details, like the vented hood and creased door surfaces that summon a familiar design language as the Emira. Also distinctive is the wagon-like rear overhang and concave tail thatÂ’s accentuated with a long, uninterrupted LED lightstrip, a la Bugatti Chiron. Spec plays a big part in this large crossoverÂ’s looks. The launch color, Kaimu Grey, makes it come across as rather plain and unremarkable, while Galloway Green and the Solar Yellow pictured here taps into the brand heritage in a good way. Outfitted in splashier hues, Eletre stands out as an SUV that looks nimbler and more lithe than its dimensions suggest. At 16.7 feet in length and 7 feet wide (measured with the conventional mirrors weÂ’ll get in the States), Eletre is no skinny Minnie. ItÂ’s 6.8 inches longer than a Cayenne, 5.1 inches lengthier than a Purosangue and 2.5 inches greater than a DBX. ItÂ’s 0.4 inch shorter than an Urus, but is 2 inches wider. Inside, the feeling is spacious, with decent leg, shoulder and head room.

This might be a Lotus SUV test mule

These photos could be our first look at the Lotus SUV in test mule form. The body on the chassis is clearly that of a Lynk and Co. 01 SUV, but the underpinnings are something different entirely. Perhaps the most telling bit of all is the location in which our spy shooter caught the vehicle. We're told that this was shot dangerously close to Lotus' headquarters in Hethel, England. Using a Lynk and Co. body to test the Lotus SUV makes sense when you take into account who owns both companies. Geely happens to own Lotus, Lynk and Co. and Volvo, so they're all under the same roof at this point. These spy photos appear to be hiding a chassis that doesn't exactly fit correctly under the body, though. The front fenders are far wider than they are on the 01, and the rear fenders also look like they've been messed with to fit the much larger rubber. It has a wider, more aggressive stance than the Lynk and Co. SUV, lending more evidence to this being a Lotus SUV test mule. We'd expect a Lotus SUV to handle as well as anything in the class, so all these things do make sense if that's what it is. As for what could be powering the British SUV, that's another story. This tester has yellow caution tape covering where the gas cap is on the 01 SUV, no visible exhaust and a big, yellow high voltage sticker on the windshield. All of that tells us it's most likely electrified in some form. We didn't have intel that the Lotus SUV would be electric previously, but there's every chance they could go down that road. The Lotus 130 hypercar is going to be all-electric. And Volvo sells plug-in hybrids now, so the tech could be borrowed from there, too. Of course, Volvo doesn't have the same priorities as Lotus does with weight reduction and handling, so don't consider anything a done deal quite yet. We can't actually confirm that the vehicle in question is a Lotus underneath, but hopefully more photos and information make their way to us soon. There's still a long way to go in the development process if Lotus is only testing on mules now, so look for plenty more to come on this vehicle.

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