1978 Lotus Esprit on 2040-cars

Auto blog

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

Lotus Evija EV supercar is charging toward series production

It's almost time for Lotus to begin production of real Evijas bound for customers, but first, it must go through its final round of testing. To accomplish this task, Lotus had to prep its brand-new production facility to build the final prototypes. New photos and video give a glimpse of what the Lotus assembly hall looks like.  The Evija, which means "the first in existence," is an all-electric supercar that Lotus hopes will be the most powerful production road car ever made. The supercar uses electric motors for four-wheel drive with torque vectoring and has a battery pack rated at 70kWh. Lotus claims it has 1,973 horsepower and 1,254 lb-ft of torque, can go zero to 60 mph in less than three seconds, can do zero to 186 mph in less than nine seconds, and has a top speed of 200 mph. All of that, with a weight of 3,704 pounds.  Possibly more impressive are the claimed battery stats. The Evija, which is the first Lotus developed with new majority shareholder Geely, can supposedly fully charge in less than 10 minutes and has a range of 250 miles. With a 350-kW charger, it'll fill up in 18 minutes. Lotus says the Evija has been an extremely collaborative effort, as 20 specialist contractors and 50 experts have been on site for the past six months. They've been hard at work in the new facility, which is located next to the 2.2-mile Hethel circuit in Hethel, in Norfolk, U.K. Check out the new state-of-the-art light tunnel, the vehicle lifts, the gantry crane, and more above and below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lotus Esprit spied wearing mismatched Evora bodywork

The sorta funky looking Lotus Evora you see above isn't really an Evora at all. In fact, it's a mule for an upcoming new Lotus in the spirit of the Esprit, which, rumor has it, will be introduced in the first half of 2021. It may even be called the Esprit, reviving the name of one of the company's most recognizable and well-loved nameplates, though that has yet to be confirmed by the British automaker. Power is expected to come from a Toyota-sourced V6 engine, as is the case with the Evora. But instead of the Evora's 2+2 seating configuration, the reborn Esprit would be a two-seater. While we aren't privy to the automaker's engineering offices, it seems the space vacated by the vestigial rear seating area might be used to hold some battery packs, as the upcoming car is going to be a hybrid. The 2020 Lotus Evora spins 416 horsepower out of its supercharged 3.5-liter V6; the hybridized Esprit is rumored to pack over 500 ponies, buoyed by an electric motor and lithium ion battery pack that's thought to be cribbed from the Volvo parts bin. That makes sense, as Lotus and Volvo both fall under Chinese automaker Geely's umbrella. The Evora offers the choice of six-speed manual or automatic gearboxes, but we'll have to wait and see if those choices are shared with the Esprit. The mule seen above is sporting some mismatched Evora bodywork — seemingly sprayed black in haste, judging by the specks of blue and yellow at the front and rear along with the lone green pop just ahead of the rear wheels — that has been widened with some tacked on wheel arches. The production version is expected to crib styling elements from Lotus' range-topping electric Evija. We can't wait to see how it all turns out. Related Video: