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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

Race Recap: 2013 Japanese Grand Prix flips several scripts [spoilers]

Japan's Suzuka circuit is a great track that all the drivers love, but it doesn't usually provide the most thrilling, head-to-head racing. Where it does excel, however, is with surprises and "What just happened there?!" moments, and this year it was no different.
It started with Mark Webber in his Infiniti Red Bull Racing out-qualifying his teammate Sebastian Vettel for the first time this year. They were followed closely by Lewis Hamilton in the first Mercedes-AMG Petronas, the still-solid Romain Grosjean again outdoing teammate Kimi Räikkönen, Felipe Massa racing for another seat in Formula One and putting his Ferrari in fifth, then Nico Rosberg in the second Mercedes, Nico Hülkenberg in the first Sauber, Fernando Alonso in the second Ferrari, and Räikkönen continuing to do himself no favors by qualifying tenth.
For the second year in a row, the lights going out was the cue to start the first corner action...

Lotus Elise Cup 260 celebrates the automaker's 70th anniversary

Lotus rides the special edition train nearly as often as Jeep. When you only sell a few models, you need to make the most of what you have. Today, Lotus announced a new very-limited-edition variant, the Elise Cup 260. Just 30 examples will be built and, based on pricing, it doesn't look like it will be coming to America. Hey, the cars are likely all spoken for already. The Elise Cup 260 builds on the Cup 250 and takes influence from the Lotus Evora GT430 and Exige Cup 380. Lotus says this car is even lighter than the already pint-sized Cup 250. Downforce is the name of the game with the Cup 260. The car makes 397 pounds of downforce at 151 mph (44 percent better than the Cup 250), helping the car maneuver around a circuit with copious amounts of traction. The key components here are louvered front fenders, a carbon fiber front splitter and a carbon fiber rear wing that wouldn't look out of place on an FIA-spec GT car. All of the lightweight performance options from the Cup 250 are standard equipment on the Cup 260. The sill covers, roll hoop cover, front access panel and engine cover are all made of carbon fiber. It also uses a polycarbonate backlight glass to save more weight. The Cup 260 has two-piece rotors and two-way adjustable Nitron dampers at all four corners. Strangely, the Elise uses AP Racing calipers up front and a set of Brembo clamps out back. The Elise Cup 260 is powered by a supercharged 1.8-liter inline four making 250 horsepower and 188 pound feet of torque. In the right hands, the Lotus will hit 60 mph in just 3.8 seconds. Top speed is listed as 151 mph. Lotus' Hethel track is the true benchmark of any car to wear the green and yellow badge. On it, the Cup 260 is 2.5 seconds faster than the Cup 250. The exterior has been done up in gold and features a couple of wreaths meant to commemorate the 70th anniversary of Lotus' first car. The car comes standard with Alcantara upholstery, but if it were our money we'd spring for either the yellow or red Tartan trim pack. As befitting any Lotus, weight savings was first and foremost. Things like air conditioning, carpeting and sound deadening material are all optional extras. Pricing has only been announced for Europe, but the UK base price converts to roughly $77,800. Not cheap, but few if any cars provide the pure, unadulterated driving experience of a Lotus. Related Video: