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Lotus signs Pastor Maldonado to replace Raikkonen

The team currently known as Lotus has had a long string of accomplished drivers behind the wheel, including world champions like Nelson Piquet, Michael Schumacher, Jenson Button, Fernando Alonso and Kimi Raikkonen. But Kimi is returning to Ferrari next season, leaving a big question mark over who would fill his seat. And now we have our answer.
Lotus has just announced that it has signed Pastor Maldonado to partner with Romain Grosjean for next season. The surprise winner of the 2012 Spanish Grand Prix has been driving for Williams for the past three seasons, signed after he won the GP2 title in 2010. Though lauded as an emerging talent, Maldonado is clearly not the accomplished champion Raikkonen is, however Lotus apparently needs the money which Maldonado brings with him in the form of sponsorship from the Venezuelan state oil company PDVSA.
Meanwhile, Romain Grosjean, also a former GP2 champion, has been with the team for some time now, starting as its test driver in 2008, promoted for one season to the race seat in 2009, and returning again in 2012. He's been the second driver at Lotus ever since, achieving career-best second-place finishes at the 2012 Canadian Grand Prix and 2013 United States Grand Prix. Whether it will be Grosjean (who gets the higher number) or Maldonado that emerges as the dominant force at Lotus remains to be seen. Scroll down for the complete press release.

Lotus will go public via SPAC with $5.4 billion valuation

Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion. L Catterton Asia Acquisition Corp. will combine with the EV making subsidiary of the British carmaking group that Geely acquired back in 2017, the two said in a statement Tuesday. The special purpose acquisition companyÂ’s sponsor has ties to Bernard Arnault, the worldÂ’s richest man. Lotus Tech has been looking to go public since at least early last year. Management may have been encouraged by another luxury auto brandÂ’s recent listing: Porsche AG pulled off EuropeÂ’s largest initial public offering in a decade when it debuted in Frankfurt in September. A week later, Porsche overtook Volkswagen AG as EuropeÂ’s most valuable automaker. Rather than go the IPO route, Lotus Tech will merge with a SPAC whose sponsor combined with the private equity operations of ArnaultÂ’s luxury-goods powerhouse LVMH in 2016. LVMH is a passive minority investor in L Catterton, according to a spokeswoman. Arnault overtook Tesla Inc. Chief Executive Officer Elon Musk as the worldÂ’s richest man last month — the first time a European claimed the top spot on the Bloomberg Billionaires Index. While Group Lotus is tiny compared to Tesla, Geely has been steering it away from combustion engines and has several all-electric models planned for the coming years. Lotus Tech sees itself as a competitor to the likes of Ferrari and Aston Martin, and will get a jump on the first electric models from those brands. Lotus unveiled its all-electric Eletre sport utility vehicle last year and plans to launch a rival to PorscheÂ’s popular Taycan EV in 2023. Geely and other owners are expected to retain an 89.7% shareholding in Lotus Tech after the SPAC merger. GeelyÂ’s billionaire owner Li Shufu also controls Swedish carmaker Volvo Car AB and owns stakes in GermanyÂ’s Mercedes-Benz Group AG and the UKÂ’s Aston Martin Lagonda Global Holdings Plc. Deutsche Bank AG advised Lotus Tech on the deal, while Credit Suisse Group AG acted as capital markets adviser to the SPAC. Related video: Featured Gallery Lotus Eletre View 25 Photos Earnings/Financials Green Lotus Electric Luxury Performance

Lotus electric sedan due in 2023 to take on Porsche Taycan

Lotus took a massive step towards the mainstream when it released the Eletre (pictured above), an electric crossover developed with volume in mind. It will continue walking in this direction by launching its first sedan, and a recent report suggests the model will be aimed at the Porsche Taycan. Known as the Type 133 internally, and referred to as a four-door coupe, the sedan will join the firm's portfolio of so-called "lifestyle" EVs. It will borrow some styling cues from the Eletre (pictured above) but it won't be merely a scaled-down crossover. "There has to be some continuity and family identity," explained Peter Horbury, Lotus' senior vice president of design, in an interview with British magazine Autocar. "Families aren't made up entirely of triplets or quadruplets. Every member of a family can have their own character," he added. While the Type 133 — a name that won't make the leap to production; the Eletre was called Type 132 — won't be as basic as, say, an Elise, it will be positioned as a driver's car. Gavan Kershaw, Lotus' director of attributes and product integrity, told Autocar that the engineering team benchmarked the Porsche Taycan during the Eletre's development process and the lessons learned will be applied to the Type 133. Like its taller sibling, the sedan should feature a long list of technology features, including an air suspension system and rear-wheel steering. Powertrain specifications haven't been released yet, but the fact that the Eletre and the Type 133 will be closely related underneath the sheet metal gives us some idea of what to expect. Power for the first Lotus crossover comes from a pair of electric motors that zap the four wheels with around 600 horsepower. The battery pack's capacity checks in at over 100 kilowatt-hours, and an 800-volt electrical architecture enables fast-charging technology. Lotus pegs the Eletre's maximum driving range at 373 miles on the testing cycle used in Europe. It's reasonable to assume that the sedan, which should be lighter and more aerodynamic, should be capable of going further on a charge. Lotus is expected to unveil the Type 133 in 2023. The model will be built alongside the Eletre in Wuhan, China. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.