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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 Evija's wild aero setup is detailed by chief aerodynamicist

The Lotus Evija is a car of firsts for Lotus. To that end, the company has spent a lot of time talking over the details. Today, we get to learn about the wild shape’s aerodynamics and what Lotus engineers were trying to accomplish. Richard Hill, chief aerodynamicist for Lotus takes a dive into all the details, and the video at the top of this post offers a great visual. “Most cars have to punch a hole in the air, to get through using brute force, but the Evija is unique because of its porosity,” Hill says. “The car literally ‘breathesÂ’ the air. The front acts like a mouth; it ingests the air, sucks every kilogram of value from it – in this case, the downforce – then exhales it through that dramatic rear end.” We can see what Hill means as we look at the Evija in photos. Instead of a regular front bumper, this one has pass-throughs that direct the air back into the side of the car. Lotus hasnÂ’t released the all-important coefficient of drag figure yet, but we have to imagine itÂ’s very low. The front splitter (below, left) is responsible for a few different things. The opening in the center takes in air to cool the battery pack that is mounted behind the seats. Then, the outer section of the splitter channels the air to the “e-axle” for cooling of the electrical components. And finally, it also produces downforce.  There are a couple more tunnels for air to pass through in the rear. These “holes” are likely the most distinctive design feature, especially when accentuated with the LED taillights. Hill says that these are also fully functional and help to reduce drag. “They feed the wake rearward to help cut drag,” Hill says. “Think of it this way; without them the Evija would be like a parachute but with them itÂ’s a butterfly net, and they make the car unique in the hypercar world.” On top of all these porous body structures, there are pieces that move. The rear wing can elevate upward from its flush body position and deploy into clean air above, creating more downforce. And then thereÂ’s an F1-style drag reduction system. This uses a horizontal plane that deploys from the car to make it slipperier through air. The final big piece of this puzzle is the underbody sculpting that directs air into the massive rear diffuser. This causes an upwash of air, in turn creating a massive amount of downforce. Hill sums it up quite nicely.

Lotus signs Pastor Maldonado to replace Raikkonen

The team currently known as Lotus has had a long string of accomplished drivers behind the wheel, including world champions like Nelson Piquet, Michael Schumacher, Jenson Button, Fernando Alonso and Kimi Raikkonen. But Kimi is returning to Ferrari next season, leaving a big question mark over who would fill his seat. And now we have our answer.
Lotus has just announced that it has signed Pastor Maldonado to partner with Romain Grosjean for next season. The surprise winner of the 2012 Spanish Grand Prix has been driving for Williams for the past three seasons, signed after he won the GP2 title in 2010. Though lauded as an emerging talent, Maldonado is clearly not the accomplished champion Raikkonen is, however Lotus apparently needs the money which Maldonado brings with him in the form of sponsorship from the Venezuelan state oil company PDVSA.
Meanwhile, Romain Grosjean, also a former GP2 champion, has been with the team for some time now, starting as its test driver in 2008, promoted for one season to the race seat in 2009, and returning again in 2012. He's been the second driver at Lotus ever since, achieving career-best second-place finishes at the 2012 Canadian Grand Prix and 2013 United States Grand Prix. Whether it will be Grosjean (who gets the higher number) or Maldonado that emerges as the dominant force at Lotus remains to be seen. Scroll down for the complete press release.