2012 Lotus Evora Ips 2+2 - New Car In Az - Like 2011 on 2040-cars

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Lotus CEO Jean-Marc Gales abruptly quits

Jean-Marc Gales is out as CEO at sports car maker Lotus after nearly four years and a track record of turning the company from years of financial losses to a small profit. He'll be replaced by Feng Qingfeng, vice president and chief technical officer of China's Geely Auto Group, who joined the company's board after Geely acquired a majority ownership stake a year ago. Gales will continue as chief strategic advisor to Lotus Chairman Daniel Donghui Li. "Jean-Marc has stabilized and turned Lotus to profitability for the first time in the iconic brand's history, with new industry-leading products and unique business models since joining the company in 2014," Daniel, who is also Lotus' chief financial officer, said in a statement. "Lotus is poised for the next phase of growth under Feng Qingfeng's leadership, where its expertise in lightweight materials and sports car engineering will form part of the wider expansion of Geely's automotive portfolio." Gales told Autocar he was leaving for "personal reasons" and said it was "time to move on." He will head up JD Classics, a British dealer and restorer of classic cars. Gales praised his successor, saying Feng could "unlock the synergies" between Geely stablemates Lotus, Volvo, Polestar and Chinese brand Lynk & Co. Lotus under Gales had been working on updating its aging portfolio of cars — the Elise, the Exige and the Evora — with plans to first update the Elise by 2020. Earlier this year came word that Gales had green-lighted two new sports cars, to be announced later this year and produced in 2020, and an SUV about the size of the Porsche Macan and possibly based on Volvo's SPA platform, which underpins the XC60 and XC90. Lotus under Gales saw sales increase 10 percent in 2017 to about 1,600 sports cars. Related Video:

Lotus Type 135 electric sports car mixes the Emira with some Esprit

Over the next four years, English sports car maker will make its oft-attempted transformations real by unveiling three "lifestyle vehicles" on its new Premium Architecture. The first is the Type 132 electric crossover, expected to debut in the next few months. After that will come the Type 133 four-door coupe, then the Type 134 crossover that's smaller than the Type 132. In that fourth year, we'll get the Type 135, an electric sports car that will recall the Lotus of old. This electric coupe, sitting on the firm's E-Sports architecture, is being called "a spiritual successor of the Elise," which would be a good thing. The teaser sketch Lotus released to hype up the car also makes us think Esprit, which, as far as we're concerned, is an even better thing. True, there's Elise and Exige and Emira in those exaggerated fenders, but the pointy ends are vintage early Esprit. But the looks aren't the point right now. The reason for the hubbub is Lotus signing a Memorandum of Understanding with British battery firm Britishvolt "to collaborate on research and development of advanced EV technology." The cooperation would put Lotus in charge of "electric propulsion technologies" like motors and control systems, while Britishvolt oversees a "new battery cell package." Goals for the pack are energy density, fast charging and weight reduction. Novel placement is on the menu, too, the E-Sports architecture laid out so that it can also accept batteries in the traditional style under the floor, or behind the cockpit a la a mid-engined sports car. The MOU could give the battery company two clients in one, as the Type 135 will be shared with Alpine across the Channel as well. By the time the Type 135 shows, Britishvolt's $5.1 billion battery factory in Northumberland should have been up and running for two years, ready to supply cells to the Type 135 that will be built at Lotus' historic Hethel, England headquarters (the other Types will be built in Wuhan, China at a manufacturing facility being developed by Lotus parent company Geely). The sports car will come in single- and dual-motor versions powering RWD and AWD trims, those motors expected produce anywhere between 469 and 872 horsepower providing a range of up to 450 miles on the WLTP cycle. The electronics will run on 800-volt architectures, the batteries ranging from 66.4-kWh to 99.6-kWh capacities.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences.

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.