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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:

NHTSA investigating Lotus Elise for oil leaks

The National Highway Traffic Safety Administration has received 17 complaints about an errant oil line in the Lotus Elise, and thus, has opened an investigation. The issue concerns the line on the front right cooler, which, having got loose, sprays oil either on the wheel or inside the engine bay.
This investigation pertains to around 4,400 of the little track-day wonders sold in the 2005 and 2006 model years. There have been no injuries, but one car did leave the road and catch on fire. A NHTSA investigation doesn't mean a full recall has been issued, just that your friends in the fed are looking into the matter.

Lotus opens the 2013 Formula One season with the launch of the E21 [w/video]

Lotus has broken the seal on the 2013 Formula One season, launching the E21 car at its factory in Enstone. With the regulations this year quite similar to those of last year, there are no dramatic changes in form compared to the E20. After some teams lobbied to be able to cover the stepped nose with a "vanity panel," Lotus retained the configuration, the team's technical director saying that the panel would add more weight and didn't make sense to put on the car unless it also added performance.
Beyond that, the E21 is said to be an comprehensive advance in its details - the suspension gets a new layout, the Coanda exhaust and the passive double DRS system are evolutions from last year, the front wing is "a continuation of concepts" from 2009.
After securing fourth in the Constructor's Championship last year, this is the chassis that drivers Kimi Räikkönen and Romain Grosjean will use to try and move the team up a place, which would mean beating one of the big three teams over the course of the season. The quietly and impressively consistent Räikkönen managed third in the Driver's Championship, and we're sure he wouldn't mind a move up in the standings, either.