Modified 2005 Lotus Elise Base Convertible 2-door 1.8l on 2040-cars

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China's Geely buying majority stake in Lotus

Geely, the Hong Kong car company that owns Volvo, is acquiring control of British car company Lotus. Geely is purchasing a 51-percent stake in Lotus from struggling Malaysian car company Proton, and a 49.9 percent stake in Proton itself. Etika Automotive will gain the other 49 percent of Lotus. France's PSA Group and Japan's Suzuki had apparently also been interested in acquiring Proton. Geely says it plans to revive both Proton and Lotus. "The agreement lays the foundation for a wider framework for both Geely Holding, Proton and Lotus to explore joint synergies in areas such as research and development, manufacturing and market presence," Geely said in a news release. Those joint synergies will be highlighted by the lightweight chassis technology Lotus is known for, which could help Geely improve fuel efficiency. Geely CFO Daniel Donghui Li said the company aims to "unleash the full potential of Lotus Cars" by expanding and accelerating new products and technologies. Proton was nationally held but was privatized in 2007 to Malaysian conglomerate DRB-Hicom, which is owned by tycoon Syed Mokhtar Al-Bukhary. It was supposed to be the flagship for Malaysia's economic development.Though it owns two factories, Proton mainly rebadges foreign-made cars and sells them in Malaysia. What it has, what Geely presumably wants, is a distribution network in Southeast Asia to pit Chinese cars against Japanese automotive dominance in the region. Retaining a 50.1-percent stake in Proton is seen as a face-saving move. "Proton will always remain a national car and a source of pride, as Proton will still have a majority hold of 50.1 percent," Malaysian finance official Johari Abdul Ghani said. "Our very own much-loved brand now has a real chance in making a comeback, a huge one I hope." Related Video:

Lotus working on a more spacious daily driver with a kinder price

Lotus has another sports car in the works, with a reveal planned for later this year or early next. It could be the second piece of the puzzle former Lotus CEO Jean-Marc Gales spoke of to Automotive News in 2018, saying parent company Geely "has approved three new models: Two sports cars and the third an SUV." The last new serial production car the English carmaker introduced was the Evora in 2009, the penultimate model in a four-car lineup in the UK that includes the Exige and Elise below, the Evija battery-electric hypercar above. Automotive News Europe writes that the coming sports car will be an "entry-level model" and "provide enough interior space for everyday use," based on an interview with new automaker CEO Phil Popham. Entry-level doesn't mean least expensive, though, rather a price range from GBP55,000 to GBP100,000, which is $68,000 to $123,670 in our money. Those figures would be entry-level here in the U.S., where the sole Lotus is the Evora GT and costs $96,950 before destination. In the UK, the Elise Sport 220 is priced at GBP41,655, the Elise Cup 250 at GBP49,555. For reference, a Porsche 718 Cayman begins at GBP44,790 over there, a Jaguar F-Type at GBP54,510.  The second sports car referenced a couple years ago isn't the Evija, if we can believe last month's report from Autocar. The magazine wrote there's a mid-engined hybrid coupe supposedly evoking the Esprit on the way, scheduled for debut the first half of next year. It will slot in above the Evora, which starts at GBP85,900 in GT410 Sport guise in the UK, and produce more than 500 horsepower with help from a mid-mounted Toyota-sourced V6.  Back to that entry-level car, the most surprising news is when AN writes it is "destined to be the company's last combustion-engine model." That begs the question, what happened to the SUV? Patent images of a Lotus people-hauler leaked in 2017, in 2018 the carmaker said the SUV would hit the market by 2022, and in the middle of last year spy shooters caught what we thought to be a Lotus SUV mule hidden under bodywork of Geely's Lync & Co 01. The AN piece mentioned that "Future options could also include SUV or sporting sedan, according to Popham." But if AN has it right about internal combustion engines, the SUV will be a surprise showing before the entry-level sports car, or will be electric.  And what would the end of ICE-powered models do to the chances of the lightweight revival models Lotus fans want?

Lotus Esprit cancelled? [UPDATE]

Two years ago, we were gobsmacked when humble Lotus shocked the automotive world by wheeling out no fewer than five new models - admittedly in various stages of development - at the 2010 Paris Motor Show. The ambitious onslaught of new sheetmetal came at the behest of then-CEO Danny Bahar who aimed to broaden the British marque's appeal by dramatically expanding its portfolio. Bahar was later thrown out by new Malaysian owners DRB-Hicom in a management shakeup that seems to still be, well, shaking out. Bahar was deposed over accusations of financial wrongdoing and the controversial executive has fired back with a $10.6M lawsuit.
Against this chaotic background, a cornerstone of Lotus' revival plans hinged on the rebirth of its Esprit supercar (shown in 2010 concept form above). According to new reports, however, the Esprit has been cancelled, a victim of the company's uncertain finances and direction. Depending on which rumor you choose to believe, the two-seat coupe was slated to receive a house-built V8 and possibly turbocharging or hybrid power. That may all be moot now, however, as DRB-Hicom is reported to have scrapped Bahar's plans wholesale, a development that apparently includes killing off the mid-engined Esprit, too.
UPDATE: And this, friends, is why we have this story with a question mark and a Rumormill tag - Lotus is denying that the Esprit has been killed off.