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Why Lotus thinks its luxury EV game plan will succeed globally

  Luxury sports car and EV maker Lotus completed its SPAC merger last week in the U.S. and its stock was publicly traded for the first time on Friday. It’s an interesting turn of events for the Geely-backed automaker now known as Lotus Tech given the uncertain EV market, but one that may prove an exception to the struggles of other pure-play EV makers. Trading under the ticker LOT on the Nasdaq, Lotus Tech will focus on the higher end of the EV market with its Eletre SUV and Emeya sedan, which will not only be offered in the US but also in Europe and, more importantly, China. “What is most important here is that we are definitely going to more markets at the same time through more models and through more stores,” said Lotus Tech CFO Alexious Lee to Yahoo Finance from the Nasdaq market site. By the end of the year Lotus will have four vehicles in production, three of them EVs. “These four models are currently available in Asia Pacific and part of it is also available in UK and EU,” Lee said. “We're having the new [Eletre] SUV model coming into the U.S. in the third quarter of this year, so different markets have different strategies and different product offerings and different conditions." Lotus is able to go to market in a number of territories due to the backing of its majority owner, Chinese auto giant Geely. But it also raised a considerable amount of money through its SPAC merger. Lotus Tech said it raised more than $880 million in pre-closing and PIPE financing commitments, with a targeted valuation on listing day of nearly $7 billion. Lotus Tech also had an interesting partner with its SPAC merging, combining with L Catterton Asia Acquisition Corp (LCAA), which is backed by French luxury conglomerate LVMH. Lotus Eletre in Solar Yellow View 11 Photos As Lotus targets the luxury segment with its vehicles — the Eletre and Emeya will be playing in the $80,000 to $150,000 ballpark — having a partner like LVMH, with its deep connections and insights into the luxury consumer, could be hugely beneficial. “Now what is more important here is Anish Melwani, who is the CEO for LVMH North America, will be on the board of Lotus Tech,” Lee said.

Lotus F1 Team promotes Joylon Palmer for next season

After letting its longtime protege Romain Grosjean go to the Haas F1 team, Lotus has named his successor for next season. Driving for the team as it transitions back to being the Renault factory outfit will be one Jolyon Palmer, the current reigning GP2 champion and possibly one of the best-poised drivers to make it into Formula One. The 24-year-old Brit has been steadily working his way up the formula racing ladder, winning races in Formula Two and GP2 over the past several years before winning the latter title last season. During that victorious campaign he also served as a test driver for Force India, before switching to Lotus this season and getting 10 grand prix practice sessions under his harness. Jolyon's own experience undoubtedly sealed the deal, but his upbringing surely put him in a prime position to make it in single-seater racing. He's the son of former F1 driver Jonathan Palmer, himself a past Formula Two champ before completing half a dozen seasons in Formula One. It's what the elder Palmer's been up to since leaving the grid, however, that's put the son in such a strong position. As head of MotorSport Vision, Jonathan Palmer controls five major racing tracks across the UK – including BrandsHatch, Outlton Park, Snetterton, Cadwell Park and the Bedford Autodrome. He also runs a couple of trackday programs, founded the now-defunct Formula Palmer Audi series and continues to operate the FIA Formula Two Championship, the BRDC Formula 4 Championship, and the British Superbike Championship. All of which gave young Jolyon plenty of room to run as he developed his career. Will that be enough to put the young Palmer in a position to win next season? Only time will tell. But he arrives at a pivotal time for the team, which is expected to transition back from the privately held Lotus operation to Renault's hands, running once again as the factory team – but saddled with an engine package that has been underperforming against the competition. One way or another, it ought to be an interesting time to be in Enstone. Related Video:

Lotus Esprit S1 gets wet and wild in 'Forza Horizon 4' James Bond trailer

It only makes sense. When the official trailer for Forza Horizon 4 ( FH4) first debuted at E3, details showed the game is set in Britain. Those who were ahead of the curve might have recognized this as a foreshadowing of sorts. Celebrating the launch of FH4's XBOX One and Windows 10 demo on Sept. 12, Playground Games announced that the next version of the beloved racing simulator will launch with an available Best of Bond pack that includes many of James Bond's storied rides. As expected, the list is heavy on the Aston Martin, but there are plenty of other goodies, too. Included in the 10-car pack are the 1964 Aston Martin DB5, a 1969 Aston Martin DBS, a 1986 Aston Martin V8, a 2008 Aston Martin DBS, a 2015 Aston Martin DB10, a 1974 AMC Hornet X Hatchback, a 1977 Lotus Esprit S1, a 1981 Citroen 2CV6, a 1999 BMW Z8, and a 2010 Jaguar C-X75. If you can name every movie that all of these vehicles are from, pat yourself on the back and grab a martini. View 15 Photos Microsoft is rewarding those who are all-in on FH4. The Best of Bond pack will come with the Ultimate Edition of the game that is allowed an early play date, starting Sept. 28. For those who haven't fully committed, the Best of Bond pack will be available as an add-on for purchase when the game launches globally on Oct. 2. The action-packed trailer shows many of the vehicles transforming or busting out tricks they're known for from the films, including the Lotus emerging from the sea. Although players will not be able to drive any vehicles under water (that we know of), several of the gadgets will make it into the game and will be viewable during Forzavista mode. The '64 DB5 has many of its features, such as the bumper rams and revolving license plate, while the Lotus will have an available body kit, fins and all. The Bond pack also comes with a few features irrelevant to the cars, including two Bond outfits and six "quick chat" phrases that can be used during multiplayer. The pack adds to an already impressive catalogue of vehicles that includes more than 450 different rides. Available now to pre-order, the FH4 Ultimate Edition is priced at $99.99, the Deluxe Edition is $79.99, while the base game is $59.99. For those who love Bond but don't own a gaming system, don't forget about the recently announced DB5 Lego kit.