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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 suing former CEO Bahar over spending on homes, helicopters and watches

More details have come out about the legal suit and countersuit being contested between Lotus cars owner DRB-Hicom and former CEO of Lotus Dany Bahar. Bahar was brought in by Malaysian car company Proton in 2009 to turn Lotus around, and events during his tenure have made just about everyone wonder "What's going on?" That's not unusual - it can take a minute to figure things out when a new leader takes everything in a new direction - but in this case the clouds didn't clear quickly enough.
When the Malaysian government sold Proton to Malaysian auto supplier DRB-Hicom earlier this year, a forensic accounting team from Ernst & Young and The Rothschild Group started going over the books. Not long after, Bahar was suspended in June from his position and then fired. In his countersuit against DRB-Hicom, claims of lavish spending began to surface. Then the stories and leaks and rumors really began, the UK's Financial Mail reporting on more than one million pounds spent on private flights and home renovations, the New Zealand Herald talking about other executives sacked so that DRB could rearrange a 270-million-pound bank loan to Lotus, and rumors on forums about Bahar flying from his home in Norfolk to Hethel HQ and spending 30,000 pounds on motorsports books for his office.
In the latest Bloomberg report it is said that DRB-Hicom seeks 2.5 million pounds ($4 million US) from Bahar "for unauthorized expenses and overpaid salary and bonuses," including the purported expense of 3,000 pounds on watches for company managers. DRB-Hicom also says Bahar made damaging statements to the media, on top of breaching his contractual duties. Bahar's countersuit seeks $10.6 million from DRB-Hicom.

Lotus has a new sports car in the pipeline

Lotus is bringing a new, yet-unnamed model to the market next year, as Autocar reports. The new sports car is likely to be based on a significantly updated Evora platform, and it will function as a link between the current lineup and a new portfolio, which can incorporate even sport utility vehicles and electrified products as well as a completely new sports car platform. To appeal to less-than-hardcore Lotus buyers, the new model will offer improved practicality and livability, with better ergonomics and comfort than current Lotus models. It will be a challenge to achieve this without compromising on weight; the earlier attempted Lotus re-invention in the early 2010s was based on five simultaneously unveiled concept cars that weren't as lightweight as desired, nor based on a solid foundation. Ultimately, the concepts led nowhere, and the then-CEO was terminated. When the time comes to update the Elise, Exige and Evora in the next decade, they will be based on a new architecture under development that will meet U.S. regulations from the get-go. The recently appointed CEO, Phil Popham, told Autocar: "The focus for now is on replacing the products we've got today — the sports cars," said Popham. "In a long time, Lotus has not had sight of what is required. You need a longterm plan, a product plan and a business plan locked down with investment. We have that plan locked in." Lotus' tie-in with new owner Geely can result in funding in the billions, with Geely assisting with engineering and manufacturing. Crucial Lotus input such as design and product planning will continue in Hethel, UK, but with Geely helping out elsewhere, in Coventry, Sweden, Germany and China. Currently, Lotus continues to use Toyota engine technology, but there is a possibility that future Lotus models will use Geely-related powertrain parts.