1970 Lotus Europa S2 Project on 2040-cars

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Renault paid GBP1 to buy back its F1 team

Running a Formula One team is anything but cheap and straightforward, but it didn't cost Renault much to reacquire the Lotus team from Genii Capital. In fact, according to the latest reports, the French automaker paid just GBP1 – less than a buck fifty – for the privilege. Still, the process was deeply complicated. The reason Renault was able to get it so cheap is because the team was deeply in debt, part of which Renault will now assume. Less than a year ago, the team was said to be nearly $200 million in the red, and just a few months ago Renault came to its rescue to pay a $4 million tax bill to the British government. Under the terms of the new deal, Renault will assume the debt that the team's previous owners had accrued, but will be spared the nearly $150 million which its stakeholders loaned to the team. The history of the outfit based in Enstone dates back to 1981 when it was founded as Toleman Motorsport. French fashion giant Benetton bought the team in 1985, which in turn sold it to Renault in 2000. A decade later, after two world championship titles, Renault began stepping back its involvement in the team and gradually transferred ownership to investment firm Genii Capital, which has run it ever since under the Lotus name that it secured from the automaker under contract until 2017. Unable to fund a competitive team, Genii has now sold the team back to Renault, but the financial intricacies of the deal are far from straightforward. To start with, Genii and its subsidiary Gravity Motorsports (the team's parent company) didn't hold all the shares in the operation, so it bought back over 6 million shares from Whiterock Alliance to add to its own 60 million shares. The vast majority of those shares were then transferred (for that princely sum of GBP1) to Gringy (UK) Ltd, the shell company that technically owned the team in its Benetton days. Gringy (a wholly owned subsidiary of Renault) will hold a 90-percent stake in the team, with the last 10 percent remaining in Genii's hands and those of its investors. In the process, the outfit will now rejoin the likes of Ferrari and Mercedes among the F1 teams developing their own powertrains. Related Video: News Source: Motorsport.comImage Credit: Dimitar Dilkoff/AFP/Getty Earnings/Financials Motorsports Lotus Renault F1 genii capital

Lotus runs the Emira hard - and sideways - on track

Lotus sent Gavin Kershaw – the British automaker's attributes and product integrity director – out on track with an Emira and a camera crew. In between reminding us that manual transmissions are wonderful and getting the Emira increasingly sideways, Kershaw's job was to explain how the last ICE-powered Lotus is still a Lotus. In this extended teaser, Kershaw offers us a look at a fresh new tidbit, that being the car's four driving modes. "Tour" mode will handle everyday driving, programmed for "maximum stability and control." "Sport" does what we all expect "Sport" to do, tightening responses and loosening slip angles. "Race" opens up even more slip angle, and changes the gauge cluster to display racy dials like the performance tachometer. Then there's the wonderfully named "Fully Off," which shuts down every nanny save the ABS. And remember, the Emira will be offered with two suspensions, either standard Tour or stiffer Sport, and will only come with hydraulic steering. Sounds like Lotus has delivered on its quest to make the Emira "for the drivers."  The engine in the V6 First Edition is the same Toyota-sourced supercharged 3.5-liter V6 found in the Evora, producing 400 horsepower and 310 or 317 pound-feet of torque depending on transmission — the automatic gets the greater torque, but why would you do that? This one comes just about fully loaded, graced with the Driver's Pack, Lower Black Pack, Design Pack, and Convenience Pack, plus optional 20-inch wheels with diamond-cut two-tone finish and two-piece brake discs with branded calipers. It won't cost anything to swap the wheels for silver or black versions. The only other big-time options we know about so far are the $1,400 Extended Black Pack, which adds more black accents in places like the roof, mirror caps, and exhaust finishers, and the $2,150 six-speed automatic to replace the six-speed manual.  Next year's base model will run with a turbocharged 2.0-liter four-cylinder procured from AMG, producing 360 hp and shifting through a dual-clutch transmission.  While you wait, the Emira V6 First Edition configurator is online and ready for flights of fancy. To get in one when they begin arriving Stateside, the V6 First Edition opens up the bidding in early 2022 at $93,900. Late 2022 brings a base four-cylinder Emira that starts at $74,900. Neither of those prices includes destination. Related Video This content is hosted by a third party. To view it, please update your privacy preferences.

Lotus' new position: Much improved, if Volvo's experience is a guide

Out today is the news that Geely Holding will acquire controlling interest in British sports car maker Lotus Cars. While some 20 years ago the Chinese acquisition of a British automaker might have inspired grumbling from aggrieved Brits (and the handful of Lotus enthusiasts), the world has moved on. And so – thankfully – can Lotus. To suggest Lotus' business history has been checkered is to broaden the definition of "checkered." With its beginnings in the early '50s as a maker of component cars for competition, Lotus founder Colin Chapman – in a manner not unlike his postwar contemporary, Enzo Ferrari – was always hustling, living a hand-to-mouth existence in the production of road cars to support a racing program. Regrettably, Chapman never found a Fiat, as Ferrari did toward the end of the 1960s. Lotus had Ford in its corner for racing and as a resource for powertrains, and later benefited from the corporate support of both GM and Toyota for relatively short periods. Lotus Cars, however, never enjoyed the corporate buy-in that would have allowed Chapman to race and let someone else build the cars. Regardless of what Consumer Reports or Kelley Blue Book might have thought (if they had ...) about those early Lotus cars, a great many are now regarded as classics. My first knowledge of a production Lotus was when Tom McCahill, the 'dean' of automotive journalists in the US, tested an early Elan for Mechanix Illustrated. While we're still not sure, some 50 years later, how McCahill's XXL frame fit into the tiny roadster, he had nothing but praise for the Elan's athletic chassis and now-timeless design. In today's Lotus portfolio, the Elise and Exige continue that light, athletic tradition, while the larger Evora seems to strike wide – literally and figuratively – of the "less is more" ideal. With the Toyota-powered Evora, more is more. But in an eco-sensitive era demanding more of the original Chapman mantra – add lightness – there's little reason that Lotus can't regain relevance if given the financial resources. Geely's acquisition of Volvo, the fruits of which appear regularly not only in the news but on the streets, suggests the Chinese investment will provide strategic vision (along with money) while allowing Lotus talent to do what it does best: Create an exciting product. And while at various periods in its history the product has been worthy, Lotus in the US has been ill-served by a flailing dealer network.