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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.

What has Lotus got in store for us in Geneva?

In its latest announcement, Lotus has reported a substantial increase in sales over the past nine months of this fiscal year to date. That's good news for the once troubled niche automaker, but the interesting part was hidden further down the release. After detailing the jump in sales by 54 percent worldwide, Lotus announced that it "is revealing an exciting new car at the important Geneva International Motor Show in early March 2015." While little in the way of details were confirmed, the company said that "the product will remain true to its core pillars of lightness, performance and driving purity by embodying all of them in a most desirable package." Sounds pretty Lotus-like to us, but just what form it will take remains to be seen. Given that the Malaysian-owned British automaker has scrapped all of its ambitious new projects, the overwhelming likelihood is that whatever it is preparing to reveal in Geneva will be based on one of its existing models: the Elise, Exige or Evora. The last we heard, Hethel was planning a revision to the Evora, convertible and even crossover versions of the same, as well as an even more hard-core version of the Exige to take the place of the extreme 2-Eleven track car. The announcement refers to the Elise S Cup that was the company's most recent reveal, but seems to indicate that the Geneva show car will be something different. 19 January 2015 Lotus sales up 54% world-wide for the first nine months of the financial year · 81% sales increase EU overall · 88% increase in UK · 143% increase in France · 139% increase in Germany · 29% up USA; 50% up Canada · 24% up Asia and Middle East · 130% sales increases in China; 125% in Japan · Lotus Motorsport shows 19% increase · 163 dealers, 25 more than nine months ago, 50 more in pipeline by the end of 2015. · Exciting reveal in Geneva Announcing that overall sales are up by 54% in the past nine months provides tangible proof that the forward strategy established by Lotus Cars is working. In volume terms, the increase of 551 cars over the previous year, to a total of 1,565, is an excellent result for the British sports car maker. Lotus has enlarged and strengthened its representation globally, with 25 new dealers enrolled across a number of territories in the past nine months, with another 50 new dealers joining Lotus by the end of 2015.

Lotus Type 133 sedan caught testing in China

Before the Lotus Eletre battery-electric SUV debuted in March, Chinese car spotters snapped photos of prototypes in testing. The same has happened again with the Lotus codenamed Type 133. An image of the tester parked along a curb showed up on the Chinese site Weibo, with a camouflaged Eletre in the background left and an uncamouflaged Eletre parked opposite. The Type 133 is a four-door sedan being developed as a driver's car, benchmarked against and planning to take on the Porsche Taycan as well as the Audi E-Tron GT. Slated for a reveal next year, recent Lotus trademark applications for the names Envya and Etude lead watchers to believe the Type 133 will adopt one of those monikers for its debut in March, Envya getting the short odds. Lotus SVP of design Peter Horbury said the 133 wouldn't be just a smaller Eletre, we'll need to wait until the covers come off to know the truth of it. What we can tell for now is that the sedan doesn't look far off the kind of four-door we'd have expected from Lotus if the English maker had got into family sedans before the electric age. Peeking through the window, the driver's area gives off the same vibes as in the Eletre thanks to a squared steering wheel and minimalist instrument panel. An earlier spy shot picked up by Car News China shows a rear door with pillarless window. The biggest surprise is how long it looks. Some of that length could be a trick of the angle and the camera lens; even so, this won't be a wallflower. And why should it be? Said to sit on the same Electric Premium Architecture (EPA) as the Eletre — a derivative of parent company Geely's Sustainable Experience Architecture (SEA) that supports the Polestar 4 and the new Smart range — we expect overlap in powertrain possibilities. That could mean an entry-level battery pack of 92 kilowatt-hours juicing a dual-motor drivetrain with 595 horsepower and 524 pound-feet of torque, and a 120-kWh pack powering four motors producing 893 hp and 727 lb-ft. That latter model should get the Type 133 from standstill to 62 miles per hour in under 3 seconds. After the sedan debuts, the Type 134 SUV isn't anticipated until 2025, a challenger to the Porsche Macan EV. The following year, Lotus returns to its roots with the Type 135 sports car that will usher the current Emira into retirement. Related video: