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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 introduces Exclusive customization program

Lotus doesn't sell much beyond the Evora 400 in the US, but the announcement of a new personalization program won't be limited to just that model. The Lotus Exclusive program will be applicable to every model that Lotus makes, including the Elise and Exige in all their many iterations, the new 3-Eleven, and the Evora – which remains, for the time being, the only model currently certified for use on American roads. The company will even apply its new range of customization options to pre-owned models. Hethel is currently rolling out the Lotus Exclusive program in Europe, but plans to expand its availability later this year. Buyers will be able to pick from an expanded range of exterior colors – or have a custom hue mixed up specially – in matte, gloss, metallic, or pearlescent finishes. Custom graphics can be applied to the roof and mirror caps, and various exterior components (from spoilers to add-on decals) can be ordered in one of four colors, as can the three available styles of racing stripes. The interior will be available to order with five colors of leather and four colors of stitching thread to give the cockpit a unique touch. Of course Lotus isn't the first manufacturer to offer such a personalization service, which is fast becoming standard fare among exotic and luxury automakers – particularly in Europe. In the UK alone you'll find McLaren Special Operations, Q by Aston Martin, Rolls-Royce Bespoke, and Bentley's Mulliner division. Other examples include Ferrari Tailor Made, Lamborghini Ad Personam, and Porsche Exclusive. Dodge even offers the "1 of 1" program for the Viper GTC. At the very pinnacle of the exotic supercar market, however, manufacturers like Bugatti, Pagani, and Koenigsegg build every one of their supercars to order, according to the customer's specifications, so personalization comes part and parcel with the bragging rights. Related Video: X MAKE YOUR MARK WITH LOTUS EXCLUSIVE - Tailor made Lotus cars to individual customer requirements - Created by the Lotus Design team & available for both new and pre-owned cars - Exciting interior and exterior options, from subtle details to extensive personalisation Letting Lotus owners set the tone, the new personalisation service Lotus Exclusive offers sports car fans a unique ownership proposition.

Lotus pumps Exige up to 430 horsepower

It seems that every few months or so Lotus has yet another lighter, faster version of one of its cars, usually with an emphasis on the lighter part. This time, the latest, fastest Lotus gets a big bump in power. It's the Lotus Exige Cup 430, and it shares its supercharged V6 with the recently launched Evora GT430. That means it makes 430 horsepower, an impressive 55 more than the 375-horsepower Exige Cup 380. It also produces 325 pound-feet of torque. That engine is impressive enough in the Evora GT430, but it becomes pretty breathtaking in the Exige, which weighs about 2,410 pounds. Though that's slightly heavier than the Cup 380, the overall power-to-weight ratio has improved, and Lotus says the 430 can fly to 60 mph in just 3.2 seconds from a standstill. It also boasts a higher top speed than the 380, at 180 mph, which is 5 mph more than the 380. Perhaps more impressive is the fact the Exige Cup 430 is the fastest road car Lotus has tested at its Hethel race track, beating the track-oriented 3-Eleven road car by 1.2 seconds. Among the other interesting features of the Exige Cup 430 are the three-way adjustable shocks as well as adjustable front and rear anti-roll bars. More of the car's total downforce, 45 percent to be precise, acts on the front now, compared with 36 percent on the Cup 380. Four-piston brake calipers are used at each corner. It also comes with a number of weight-saving features as standard, including the lithium-ion battery and titanium exhaust. It can also be optioned to be a legitimate race car with an FIA-legal roll bar and airbag delete. But just the stock car isn't cheap. It has three different price tags depending on whether you purchase it in the U.K., Germany, or France. But the cheapest price in dollars comes from the U.K. where it retails for GBP99,800, or just shy of $131,000 at current exchange rates. Related Video: Featured Gallery Lotus Exige Cup 430 View 9 Photos Image Credit: Lotus Lotus Coupe Lightweight Vehicles Performance