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Lotus introduces Certificate of Provenance program

Lotus is diving into its vast archives to make it easier for owners to trace their car's history. It launched a global program called Certificate of Provenance that provides historical information about a specific car. Available through authorized Lotus dealers, the Certificate of Provenance includes details like the car's VIN and its original color. It also notes the date the car rolled off the assembly line in Hethel, England, and the date it entered the company's dealer network. Key specifications, including the engine, the transmission, and the extra-cost options the original owner ordered, are printed on a personalized Build Specification Letter. Owners who order the certificate will also receive a letter from Lotus CEO Phil Popham in which he pledged to explain the changes going on at the company, and how it's preparing for the future. Summing up the situation in a letter will likely be easier said than done, because Lotus (which is now controlled by Geely) is undergoing a complete transformation that includes a major product expansion and a renewed focus on the American market. It called the Evija, its first electric model, a trailblazer whose technology will permeate other battery-powered cars.   Related: Geely, with Volvo's help, plans to grow into a global auto giant   In addition to the aforementioned documents, enthusiasts who order a Certificate of Provenance will also receive an aluminum plaque engraved with the owner's name, a leather keychain, a carbon fiber bookmark, and a Lotus pen. Pricing starts at GBP170 plus the cost of shipping in the United Kingdom, a sum that represents about $225. And any Lotus owner can order it regardless of whether they own a 1959 Elite or a 2020 Evora GT. The first car certified by Lotus is a 1981 Esprit Turbo (pictured) that stands out as the last company car ordered by company founder Colin Chapman. Wearing registration number UVF 464X, it remained in Chapman's possession until his death in 1982, and it was sold to a private buyer the following year. Lotus recently purchased it with 11,000 miles on its odometer, and it plans to restore it before adding it to its heritage collection. Chapman didn't settle for a regular-production Esprit Turbo. He ordered his car with power steering (which wasn't available on the Esprit at the time), a lowered suspension, and modified brakes. He also ordered BBS wheels. Related Video:

Renault paid GBP1 to buy back its F1 team

Running a Formula One team is anything but cheap and straightforward, but it didn't cost Renault much to reacquire the Lotus team from Genii Capital. In fact, according to the latest reports, the French automaker paid just GBP1 – less than a buck fifty – for the privilege. Still, the process was deeply complicated. The reason Renault was able to get it so cheap is because the team was deeply in debt, part of which Renault will now assume. Less than a year ago, the team was said to be nearly $200 million in the red, and just a few months ago Renault came to its rescue to pay a $4 million tax bill to the British government. Under the terms of the new deal, Renault will assume the debt that the team's previous owners had accrued, but will be spared the nearly $150 million which its stakeholders loaned to the team. The history of the outfit based in Enstone dates back to 1981 when it was founded as Toleman Motorsport. French fashion giant Benetton bought the team in 1985, which in turn sold it to Renault in 2000. A decade later, after two world championship titles, Renault began stepping back its involvement in the team and gradually transferred ownership to investment firm Genii Capital, which has run it ever since under the Lotus name that it secured from the automaker under contract until 2017. Unable to fund a competitive team, Genii has now sold the team back to Renault, but the financial intricacies of the deal are far from straightforward. To start with, Genii and its subsidiary Gravity Motorsports (the team's parent company) didn't hold all the shares in the operation, so it bought back over 6 million shares from Whiterock Alliance to add to its own 60 million shares. The vast majority of those shares were then transferred (for that princely sum of GBP1) to Gringy (UK) Ltd, the shell company that technically owned the team in its Benetton days. Gringy (a wholly owned subsidiary of Renault) will hold a 90-percent stake in the team, with the last 10 percent remaining in Genii's hands and those of its investors. In the process, the outfit will now rejoin the likes of Ferrari and Mercedes among the F1 teams developing their own powertrains. Related Video: News Source: Motorsport.comImage Credit: Dimitar Dilkoff/AFP/Getty Earnings/Financials Motorsports Lotus Renault F1 genii capital

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