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Lotus to receive $16M government grant

Troubled British automaker Lotus is getting a second infusion of cash following a 100-million-pound ($161.5-million) investment by its parent company DRB-Hicom that was made in August. The substantially smaller investment, a mere 10 million pounds ($16.2 million), comes from the British government's Regional Growth Fund.
The fund, which is part of a 3-billion-pound ($4.8-billion) fund to spur economic growth in the UK, will allow Lotus to invest even further in research and development as it seeks to reinvent its lineup of lightweight sports cars. The fund will also allow the UK-based outfit to provide further training for its new crop of employees.
"This grant is part of a wider strategy for Lotus created to ensure we thrive and grow. We are responding to increased global demand for our cars and engineering consultancy services and this grant will help to position Lotus as the forefront of global automotive innovation," said Aslam Farikullah (shown above with UK Business Secretary Vince Cable MP), the chief operating officer at Lotus.

China's Geely says it has no plan to buy Fiat Chrysler — as FCA stock leaps

HONG KONG — Chinese carmaker Geely Automobile denied media speculation on Wednesday that it planned to make a takeover bid for Fiat Chryslerk Automobiles (FCA), the world's seventh-largest automaker. Geely was one of several Chinese carmakers cited in by Automotive News, which said representatives of "a well-known Chinese automaker" had made an offer this month for FCA, which has a market value of almost $20 billion. "We don't have such a plan at the moment," Geely executive director Gui Shengyue told reporters at an earnings briefing, when asked if Geely was interested in Fiat. He said a foreign acquisition would be complicated, but he did not elaborate. "But for other (Chinese) brands, it could be a fast track for their development," Gui added. However, a source close to the matter said FCA and Geely Automobile's parent firm, Zhejiang Geely Holding Group, had held initial talks late last year, without disclosing their nature. The source confirmed Geely was no longer interested in FCA, noting that the parent company had only three months ago announced its first push into Southeast Asia with the purchase of 49.9 percent of struggling Malaysian carmaker Proton, a deal that also included a stake in Lotus. Geel's denial failed to dent FCA's stock. The price of its Milan-based shares has jumped more than 10 percent to a 19-year high since Automotive News first reported on Monday, citing unnamed sources, that FCA had rejected the Chinese offer as too low. FCA stock on the New York Stock Exchange rose sharply on Monday from $11.60 to $12.38 and on Wednesday was trading at $12.84. FCA declined to comment on Wednesday. FCA Chief Executive Sergio Marchionne has repeatedly called for mergers as a way of sharing the costs of making cleaner, more advanced cars, but he has repeatedly failed to find a partner and retreated from his search for in April, saying FCA would stick to its business plan. He has also spoken of spinning the successful Jeep and Ram divisions off from FCA. Europe's largest carmaker, Volkswagen, and General Motors have both said they are not interested in talks with FCA. On Wednesday, Geely Automobile reported a doubling of first-half profit, above expectations, as cars designed with Sweden's Volvo won over domestic consumers. Volvo is a unit of the Zhejiang Geely group, and has recently announced it will share its technology with Geely.

Lotus Elise Sprint adds lightness to lightness

Lotus announced the introduction of a new Elise trim level that exemplifies founder Colin Chapman's famous phrase of "simplify and add lightness." The new Elise Sprint combines the weight savings of the current standard Elise, along with a number of Sprint-exclusive parts for what Lotus claims is the model's most significant weight loss yet of about 90 pounds over the old model, bringing the car's dry weight (not curb weight) to 1,759 pounds. The exclusive Sprint parts account for about 57 pounds of that loss. They include a lithium-ion battery, forged wheels, polycarbonate rear window, and carbon fiber for the seats, roll bar cover, engine cover, and access panel. Interestingly, the biggest savings come from the lithium-ion battery, which is roughly 20 pounds lighter than the normal battery. Lotus also includes the optional two-piece brake rotors and carbon fiber door sills to reach the 90 pound total. This all translates to slightly quicker 0-60 mph times for Elise Sprint models over their Sport counterparts. Both the 1.6-liter 134-horsepower Sprint and 1.8-liter 217-horsepower Sprint 220 models complete the run to 60 mph a tenth of a second quicker than the equivalent Sport versions, with times of 5.9 and 4.1 seconds respectively. The weight loss also results in a price gain. For either Sprint model, you'll end up paying an extra GBP5,000, which is a bit over $6,100 at current exchange rates. Of course, the Elise isn't available in the US anyway, so it's a moot point. Related Video: