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New Lotus owners ditch ambitious five-year plan

This didn't take long. The new overlords at Lotus have reportedly scrapped the company's five-year plan. DRB-Hicom ditched the turnaround strategy, penned by ousted CEO Danny Bahar, because it believes the market viewed the plan as overly ambitious.
The new product plan will slim the number of new model lines from five to three, and Lotus will likely slash the number planned consultants in favor of relying more heavily on in-house talent. According to The Star, the move should help expedite product development and save cash at the same time.
Even so, nothing is written in stone as of yet. DRB-Hicom says the new plan will take up to a year to finalize. The company has dumped around $242 million into Lotus so far this year, and the struggling automaker may require another $121 million by 2013. Lotus all but stopped production earlier this year during a loan freeze, but the lights came back on in April. The company now produces around 44 vehicles per week.

Renault formalizes return to F1 with Lotus acquisition

No longer satisfied with simply providing engines, Renault confirmed that it will return to running its own Formula One team next season. Though the terms of the deal are still being worked out, the French automaker will re-acquire the team currently known as Lotus. Renault previously owned and operated this same operation for nearly 10 years. Renault first entered the series in 1977. The company shut down the original Equipe Renault Elf in 1985, but continued powering Lotus, Ligier, and Tyrrell for another season. After a three-year break, it returned as an engine supplier with Williams in 1989, winning championship titles with the likes of Nigel Mansell, Alain Prost, Ayrton Senna, and Damon Hill behind the wheel. The 1995 season saw the start of the partnership with the team now in question when Benetton switched over from Ford power. After several years of success and more titles, Renault bought out the team and ran it as its own from 2002 through 2011 – winning two more titles with Fernando Alonso – before selling the operation to Genii Capital, which has run it since under the Lotus name. Even after Lotus switched to Mercedes power, Renault continued supplying other teams with engines, most notably winning back-to-back world titles with Red Bull before the new turbo hybrid engines arrived and Renault's performance dropped off. Now, in another case of history repeating, Renault is gearing up to bring the team based in Enstone back in-house. The move will likely see the Lotus name disappear again, after it was hotly contested with the Caterham team that ultimately disappeared as well. With it, Renault will return as a full-on works effort with its own engines, just like rivals Ferrari and Mercedes. Renault Announces Return to Formula 1 in 2016 - Carlos Ghosn announces his decision that Renault will return to Formula 1 with its own team for 2016 season. - Renault, 12-time Constructors' Champion with nearly 40 years in the sport, is an iconic brand in Formula 1 and intends to play an active role in the sport's development. - F1 is a technology showcase and accelerates development of Renault's innovation and range of sports cars. Following the September announcement of the signing of a Letter of Intent with Lotus F1 Team, teams at Renault continued to evaluate the possibility of a return to Formula 1. Particular attention was paid to competing successfully with its own team in a financially sound way starting in 2016.

Lotus team out of Le Mans, full driver list published

We can scratch off one more car from the list for the 2014 24 Hours of Le Mans. The Lotus T129 LMP1 car has been dropped from the entry list of the 82nd running of the historic race, with organizers citing "a lack of preparation" as the reason. On a more positive note, the list of 168 drivers in 56 vehicles has been officially published for the June 14 race.
Like the Lotus team currently in Formula One, the Lotus T129 uses the iconic British brand's name and colors but is actually built by a separate company. It previously ran a Lola chassis in the LMP2-class (pictured above). The Le Mans organizers claim the car will likely be on display during the 24-hour race, but it won't make it's competition debut until the World Endurance Championship round at the Circuit of the Americas in September. The T129 is being replaced by an Oreca 03 chassis with Nissan power in the LMP2 class, entered by Millennium Racing.
The Lotus' retirement came as the teams had to send in the names of the three drivers nominated to race each car. This year there are racers from 26 countries with the most coming from France (39), Britain (29), the US (17) and Italy (15). The latest tally of entries breaks down to 9 LMP1s, 19 LMP2s, 9 LM GTE Pros, 18 LM GTE Ams and the Nissan ZEOD RC as the experimental Garage 56 entry.