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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:

Lotus shows how drivers will be able to change the Evija's behavior

Lotus published footage of the Evija, its first series-produced electric car, undergoing shakedown testing on its Hethel, England, track. It also detailed the model's different driving modes, and the effect they'll have on the powertrain. Electric technology is heavy, and Lotus is known for making ultra-light cars, so engineers walked a fine line as they developed the Evija. Gavan Kershwa, the brand's director of vehicle attributes, explained his team managed to give the 2,000-horsepower coupe the handling enthusiasts expect from a mid-engined model by placing the lithium-ion battery pack, which is the heaviest part of the car, directly behind the passenger compartment. Matt Windle, the company's research and development boss, told Autoblog composite materials and clever packaging help offset the battery's weight. The part the steering column is mounted to is also used as a ducting for the climate control system, for example. All told, the Evija tips the scale at approximately 3,700 pounds. Enthusiasts will have five driving modes, named Range, City, Tour, Sport and Track, at their fingertips. Range mode caps the car's output at 1,000 horsepower and 590 pound-feet of torque and makes the Evija rear-wheel drive to maximize driving range. City makes the Evija easier to drive around town, while Tour lets the driver choose between rear- and all-wheel drive while raising the powertrain's output to 1,400 horsepower. Sport puts 1,700 horsepower and 1,254 pound-feet of torque under the driver's right foot, and it tweaks the various stability control systems to improve traction. Finally, Track unleashes the car's full potential while dialing in the highest level of torque vectoring. It also changes the chassis settings, according to the company. Lotus will continue fine-tuning the Evija in the coming months, and production is scheduled to start in 2021. Though it was delayed by the ongoing coronavirus pandemic. 130 units are planned, and Autoblog can confirm the first year of production is sold out — but there are still build slots available, contrary to what some sources are reporting. Looking ahead, Windle told us the Evija is a trailblazer whose design language and technology will permeate future models.  Related Video: Green Lotus Coupe Electric Performance

Lotus Esprit all but ready to go, but held back by management issues

Brief and disappointing is this report from Autocar on the status of the Lotus Esprit: it is finally ready and sitting at the light, but the light might not go green for a long time. The good news is that from being a concept two years ago at the Paris Motor Show, the aluminum and carbon fiber revival coupe is "purportedly almost finished." It is powered by a twin-turbo, 5.0-liter V8 with something like 650 horsepower, boosted by a kinetic energy recovery system (KERS) and shifting through a seven-speed paddleshift transmission. Even with all that, the UK price is said to be around that of a Porsche 911 4S Cabriolet, and the car only needs "signing off and minor tweaking."
The bad news is that former company owner Proton couldn't stay independent long enough to see through the company's ambitious five-concept-car assault - led by then-CEO Dany Bahar who was hired explicitly to lead such a campaign - and was swallowed up by Malaysian auto supplier DRB-Hicom. For a brief spell Lotus had to shut down production for lack of funds. Then the new owner cleaned house, sweeping out Bahar and, according to the Financial Times just one month ago, the Esprit and every other concept with it. Just after the FT piece came out, Lotus denied the Esprit had been canceled. Still, according to Autocar, the management whirlpool is keeping the Esprit "far from becoming a production reality."
If we're honest with ourselves, we'll keep in mind that the Esprit has been slipping into and out of a terminal ether for what seems like decades. None of us knows what is going on inside Hethel HQ, but the fact that there really is a lightweight, twin-turbo, 650-hp Lotus Esprit finally ready to be produced has to be, in spite of all else, very good news.