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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.

Lotus supposedly working up a new Elan, again

Geely's investment in Volvo, and giving Volvo the freedom to do what Volvo knows how to do, propelled the Swedish automaker to another level. This could be the year English automaker Lotus begins the same climb. Late last year, Bloomberg said Geely committed an initial $2 billion to the Lotus renaissance. That number was low, the Financial Times reporting Geely planned to invest billions over the next five years. In May this year, Lotus announced it was hiring 200 new engineers and opening a new engineering center to develop a new range of SUVs, GTs, and sedans that would expand consumer appeal to triple its current annual volume. Sports cars are a vital part of the new mix as well, Autocar citing Lotus insiders for a report that a new Elan convertible sports car has "a strong possibility of being revived in the next few years" as a nameplate.    Lotus made a splash about bringing back the Elan — along with a new Esprit, Eterne, Elise, Elite, and city car — at the 2010 Paris Motor Show. That was a very different Lotus, when Malaysian automaker Proton owned the English outfit and ex-Ferrari marketing honcho Dany Bahar manned the helm. In spite of promises of funding, the team at Hethel lurched through years of corporate drama and dire finances until Geely took over in 2017. The latest Elan whispers sketch a convertible targeting the Porsche 718 Boxster - Lotus in general has Porsche in its sights. The car pictured above is from the first re-animation of the Elan badge, from 1989 to 1995. A coming Elan would sit above the Elise in the lineup, with more space, amenities, and luxury, at the same time as it would focus on being the lightest and most agile in the segment. Before that arrives, however, Lotus needs to finish developing the sports car platform that will help carry the brand's new range for the next decade; The Lotus SUV uses Volvo's SPA architecture that carries the XC90 and XC60. CEO Phil Popham's Vision-80 program — which now seeks to grow annual volume not merely triple but six-fold to 10,000 cars by 2029 — will be centered around the multi-material architecture that replaces the Elise and Evora architectures presently employed. Due in two years, the rivet-bonded "alloy-core" chassis will likely include carbon fiber and other advanced materials.

The Stig bungees a Lotus F1 car in Durban

Remember a couple of months ago when a mischievous Stig broke into the Lotus racing headquarters in Enstone and made off with an F1 car? Well, now we know where he went with it.
In this humorous clip from Top Gear, the tamed racing driver in the white suit disembarks with Pastor Maldonado's Lotus-Renault E22 (not the E21 he took from the team's headquarters, eagle-eye viewers might notice) in Durban, South Africa, and takes it to Moses Mabhida Stadium for the Top Gear Festival. After having some fun on a dirt bike, a chrome Mustang drift car and a few other curiosities, he hooks it up to a bungee cord and jumps off a tower behind the wheel.
Now we're not quite convinced they actually did this and that it wasn't all CGI, but it's still worth a watch and a laugh.