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Detroit Electric is actually active in Detroit

Here's some news that will make the urban scavengers sifting through the ruins of the Motor City a little disappointed. Detroit Electric, the slow-moving electric-vehicle maker basing their wares off of a couple of Lotus models is employing people in Detroit. And some local vehicle production may follow. The company is working out of Detroit's Fisher Building, which had been empty last year, and says it plans to boost its employee count from eight to about 20 by the end of the year, The Truth About Cars reports. Detroit Electric changed its production plans for the Lotus Elise-based SP:01 last year, moving the manufacturing base of that model to the Netherlands from a production facility in Plymouth, MI, about 30 miles west of Detroit. Right now, the SP:01 is being worked on in Europe, Malaysia's Paultan.org says. That 201-horsepower model can go from 0-62 miles per hour in 3.7 seconds and has a single-charge range of about 190 miles. That model is expected to be priced at about $135,000. Detroit Electric is also working on a 2+2 EV based on the Lotus Evora, and, while government approvals await, the four-seater may be available for sale as soon as early 2016.

Lotus reveals extreme new 3-Eleven at Goodwood

Lotus has taken the occasion of the Goodwood Festival of Speed to reveal the new 3-Eleven. Billed as the quickest, most expensive road-going series production Lotus ever, the new 3-Eleven picks up where the previous 2-Eleven left off. And that gave the British automaker quite a starting point. An extreme evolution of the Elise and Exige, the new 3-Eleven boils things down to the bare essentials and packs a mighty punch. It's built around an aluminum chassis with composite bodywork and a completely open cockpit. That gives it a curb weight of less than 2,000 pounds to embody Colin Chapman's ethos of "adding lightness" like no other modern Lotus we've seen yet. At its heart lies an upgraded version of the company's 3.5-liter supercharged V6, producing 450 horsepower and 332 pound-feet of torque. That makes it even more powerful than the new Evora 400, and channels through a six-speed manual transmission, limited slip differential, and traction control. Other features include double wishbone suspension front and rear, Eibach springs, adjustable Ohlins dampers, AP Racing brakes, a Lotus-tuned Bosch ABS, 18-inch alloys up front, 19 inches the rear, shod with Michelin rubber. All of those goodies translate to a 0-60 time of under 3.0 seconds and a top speed of up to 180 miles per hour. It's even quoted to lap the company's test track at Hethel in 1:22. That makes it an impressive ten seconds seconds faster than the aforementioned Evora 400 – which is already six seconds faster around the circuit than the preceding Evora S. Production will be limited to just 311 examples, and is slated to commence in February 2016, with the first deliveries to begin in April. Any potential for North American availability has yet to be announced, but in the UK pricing will start at GBP82,000 (equivalent to $129k at current exchange rates). A more extreme Race version will be offered alongside the Road model, priced at GBP96,000 ($150k) before taxes or GBP115,000 ($180k) with, upgrading with track-focused features like a more aggressive aero kit, six-point racing harness, and a six-speed sequential gearbox.

Why Lotus thinks its luxury EV game plan will succeed globally

  Luxury sports car and EV maker Lotus completed its SPAC merger last week in the U.S. and its stock was publicly traded for the first time on Friday. It’s an interesting turn of events for the Geely-backed automaker now known as Lotus Tech given the uncertain EV market, but one that may prove an exception to the struggles of other pure-play EV makers. Trading under the ticker LOT on the Nasdaq, Lotus Tech will focus on the higher end of the EV market with its Eletre SUV and Emeya sedan, which will not only be offered in the US but also in Europe and, more importantly, China. “What is most important here is that we are definitely going to more markets at the same time through more models and through more stores,” said Lotus Tech CFO Alexious Lee to Yahoo Finance from the Nasdaq market site. By the end of the year Lotus will have four vehicles in production, three of them EVs. “These four models are currently available in Asia Pacific and part of it is also available in UK and EU,” Lee said. “We're having the new [Eletre] SUV model coming into the U.S. in the third quarter of this year, so different markets have different strategies and different product offerings and different conditions." Lotus is able to go to market in a number of territories due to the backing of its majority owner, Chinese auto giant Geely. But it also raised a considerable amount of money through its SPAC merger. Lotus Tech said it raised more than $880 million in pre-closing and PIPE financing commitments, with a targeted valuation on listing day of nearly $7 billion. Lotus Tech also had an interesting partner with its SPAC merging, combining with L Catterton Asia Acquisition Corp (LCAA), which is backed by French luxury conglomerate LVMH. Lotus Eletre in Solar Yellow View 11 Photos As Lotus targets the luxury segment with its vehicles — the Eletre and Emeya will be playing in the $80,000 to $150,000 ballpark — having a partner like LVMH, with its deep connections and insights into the luxury consumer, could be hugely beneficial. “Now what is more important here is Anish Melwani, who is the CEO for LVMH North America, will be on the board of Lotus Tech,” Lee said.