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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

Last Lotus Elise delivered to the person it was named after

Lotus just made an announcement on its social media channels that the last customer-bound Elise has been built — we'll note that Lotus built the very last Elise for itself — and delivered to its final customer, Elisa Artioli. If you havenÂ’t heard of her before, itÂ’s time for a little Lotus history lesson. Back when the Elise came to fruition and was released in 1996, Romano Artioli was the companyÂ’s chairman. When it came time to finalize a name for the two-seat sports car, Romano looked to his granddaughter, Elisa, for inspiration.  For those who find full-circle stories satisfying, itÂ’s hard to get any better than this one. The Elise youÂ’re looking at here is the final customer-bound Elise in the world, and itÂ’s going to none other than the woman who the car is named after. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. As for the spec of the car itself, this is an Elise Sport 240, and itÂ’s painted in “Championship Gold.” The Sport 240 features a 1.8-liter supercharged four-cylinder thatÂ’s good for 240 horsepower and 181 pound-feet of torque. Weighing only 2,033 pounds, itÂ’s capable of a 4.1-second 0-60 mph sprint and has a top speed of 147 mph. What a lovely story! WeÂ’ve asked Lotus for more photos and additional information, and weÂ’ll update when we hear back.

Lotus proves it's alive and well by releasing its most powerful road-going car

The future hasn't always looked bright for Lotus, but the British company is skating on much thicker ice under Geely ownership now than it was in the middle of the 2010s. It continues to claw back from the brink by releasing a GT-badged evolution of the Evora that delivers a meaner punch than its predecessors, and comes with a list of options that nearly rivals Porsche's. The GT replaces the Sport 410 and the 400 variants of the Evora. Presented as the most powerful road-going Lotus ever sold in the United States, it's powered by a 3.5-liter V6 engine supercharged to 416 horsepower at 7,000 rpm and 317 pound-feet of torque at 3,500 rpm. Those figures allow it to hit 60 mph from a stop in a brisk 3.8 seconds, and reach a 188-mph top speed. It's still a little bit slower than the Evora GT430 released in 2017, but Lotus kept that model away from American roads. The Evora GT comes standard with a six-speed manual transmission. Enthusiasts not interested in using a clutch can select an automatic gearbox that they can leave in drive or shift manually with aluminum paddles mounted on the steering wheel. Torque goes up to 332 pound-feet when the six shifts through the optional automatic, but the Evora GT posts the same performance figures regardless of how many pedals are in its footwell. Lotus makes the Evora GT using carbon fiber to keep weight in check. Buyers can honor company founder Colin Chapman by adding lightness if they're willing to add dollars, too. Priced at $10,000, the Carbon Pack includes a roof panel, a tailgate, a front access panel, and a diffuser all made with carbon fiber. Ticking that box shaves 50 pounds; put another way, Lotus charges $200 per pound.  Selecting the $8,000 titanium exhaust removes another 22 pounds. The Evora GT tips the scale at 3,104 pounds in its lightest configuration, but getting there requires paying for a Volkswagen Golf's worth of options. At least downforce comes standard, and the GT has more of it than its predecessors. The new GT designation doesn't bring significant exterior styling changes. It's the same story inside, where Lotus continues to offer the model as a strict two-seater, or with a pair of rear seats big enough for very, very small occupants. Every GT comes standard with a 7-inch touchscreen compatible with both Android Auto and Apple CarPlay. On sale now, the 2020 Lotus Evora GT starts at $96,950. Deliveries will begin by the end of 2019.