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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

Lotus Type 132 crossover EV teased five ways in video

Lotus has combined its series of video teasers of the Type 132 crossover into one reel. The result provides peeks at five of the features we can expect on the electric CUV when it launches next year. Under the "Breathe" section, there's the active lower grille, divvied-up hexagonal openings that twirl open or closed to provide the right combination of powertrain cooling and vehicle aerodynamics. Titled with "See," there's what looks like a sensor detection unit rising from the roof; it looks like a LIDAR unit pointed toward the rear, but it's impossible to know from the clip. In the "Stretch" section, we see an active rear spoiler moving into a higher drag configuration, connected to a fender with lines that evoke the Evija and Emira. Finally, in "Awaken," there's what looks like a giant screen canted toward the driver and towering over the instrument panel. The Type 132 will commence Lotus' EV-only series production future, the first of four models due in the next few years, and the largest. After it will come a sedan marketed as a four-door coupe known as Type 133, expected on sale in 2023, a smaller crossover called the Type 134 that will debut in 2025, and a sports car currently dubbed Type 135 that's planned for 2026 and could get an Alpine-branded sibling. The four-door models are expected to ride on Lotus' Evolution architecture for "premium" vehicles, with available dual-motor powertrains that might get up to 750 horsepower powered by batteries up to 120-kWh. The sports car will get the E-Sports platform Lotus will share with Alpine and sell to other manufacturers, the junior relative of the Extreme platform that supports the 1,973-hp Evija.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

James Bond Lotus submarine sells in London for $966,560

With the $966,560 sale ($863,000 plus a 12-percent buyer's premium) of the white 1977 Lotus Esprit S1 submarine used in the 1977 James Bond film The Spy Who Loved Me, we now know "the Roger Moore discount."
Recall that Sean Connery's silver 1964 Goldfinger Aston Martin DB5 was sold by RM Auctions in London in 2010 for $4.6 million. Three years later, the same auction company in the same city has sold the aforementioned Lotus for just under $1 million.
An unscientific poll of those in the room showed that people preferred Sean Connery's Bond to Roger Moore's by a rate of four to one. And thus it translated into the bidding for their respective cars. No word on the identity of the buyer or his plans for what is, in fact, a working submarine.