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Renault bailing out Lotus F1 Team to pay $4M tax bill

The road ahead looks to be clear for Renault to reacquire the Formula One team that once bore its name. The latest reports have it that the French automaker is prepared to pay a multi-million-dollar tax bill to the British government to keep the Lotus team from entering bankruptcy proceedings. According to the report from Autosport, the Lotus F1 Team owes a massive GBP2.7 million – equivalent to over $4 million at current exchange rates – to the Her Majesty's Revenue & Customs authority for income tax and national insurance (Brit-speak for social security). The team was supposed to have withheld and submitted the funds on behalf of its 400 employees dating back to June, but since it has yet to pay up, it's being taken to court by the UK government. Apparently unable to foot the bill, the cash-strapped team looked poised to enter bankruptcy just as the Caterham and Manor/Marussia teams did last year. But Renault is now poised to step in to the team's rescue. Those with a longer memory for F1 history will point out that the Lotus team – which has little to do with the sports car manufacturer of the same name – dates back to 1981, and has changed title and ownership several times over the years. What was founded as Toleman was then taken over by Benetton. Renault acquired the team in 2000, but sold it to its current owners Genii Capital in 2009. The team based in Enstone, UK, won back-to-back world championships with Michael Schumacher in 1994-95 and again with Fernando Alonso in 2005-06, but has struggled both competitively and financially over recent years. Consigned to an engine-supply role since divesting itself of majority interest in the Lotus team, Renault has been rumored to be preparing to reacquire the outfit from Genii – and in all likelihood switch it back from Mercedes power to its own. Paying the outstanding tax bill will likely emerge as the first step in that reacquisition. Once it takes over full ownership again, Renault is expected to rebrand the team in its own image, and will then have to decide on driver and other personnel contracts for next season. Related Video:

Lotus rolls out new and improved Evora 400

Having canceled its overly ambitious plans, Lotus is going to have to get by on its existing lineup for a while longer. But if this is what "getting by" looks like, count us in. What you see here is the Lotus Evora 400, the latest evolution of Hethel's 2+2 sports car and the fastest, most powerful production model the legendary British automaker has ever offered. Lighter and more potent than previous versions of the Evora, the new 400 packs a revised 3.5-liter supercharged V6 with – you guessed it – 400 horsepower, or 55 more than the Evora S, and backed up by 302 pound-feet of torque. In pursuit of its founder Colin Chapman's enduring ethos of "adding lightness," Lotus has found nearly 50 pounds of excess weight to trim from an already lean machine. While they were at it, the engineers also tweaked the electronics, re-adjusted the suspension, fitted a revised aero kit for increased downforce, bolted in a new limited slip differential, retuned the gearbox and mounted new brakes. The styling has also been revised inside and out, with new doors allowing for easier ingress and egress as well as more interior space. The result of all these improvements – aside from making the Evora look cooler – is a 0-60 time now quoted at 4.1 seconds, a top speed quoted at 186 miles per hour and a lap time of the Lotus test track a full (and very impressive) six seconds faster than its predecessor. Lotus is increasing its workforce by 50 percent in order to increase output at its UK factory from 45 cars per week to 70 in the coming months, and will distribute the new Evora 400 through an expanding dealer network that's set to grow from 168 locations worldwide at present to around 200 by year's end. THE ALL NEW LOTUS EVORA 400 - All new supercar from Lotus - Fastest and most powerful production Lotus ever - Lighter and more efficient than before The new Lotus Evora 400 is the latest pure and focused supercar from Lotus, combining high performance with the legendary Lotus benchmark handling. It is faster and dynamically more capable than the previous Lotus Evora leading to greater agility and a more involving drive. Maximum speed is 186 mph (300 km/h) and acceleration 0-60 mph is just 4.1 seconds (0-100 km/h in 4.2 seconds). This enables the new Lotus Evora 400 to lap the challenging test track at the Lotus Headquarters in Hethel, Norfolk, a scintillating SIX seconds faster than the previous model.

Lotus to layoff a quarter of its workforce

Lotus has issued a press release to day, wherein it indicates that a "need to both reshape its organisation and to reduce costs" may result in the loss of "up to 325" jobs. That's a fairly significant number of layoffs for any company, but considering that Lotus currently employs 1,215 people (per the company's bio in the same release), it could mean a full 25-percent of the automaker's workers could soon be sharpening their resumes.
CEO Jean-Marc Gales says in the statement that Lotus has "worked very hard to avoid the need to make this proposal," but admits that it is now "essential" to the future of the company. The chief indicates that post-restructuring, he expects Lotus to be a "leaner" and "more competitive" organization, one which - and we can all see a little silver lining here - is focused on "producing class-leading sports cars and innovative engineering."
The 325-job number appears to be soft at this point, with the statement indicating that some negotiation about which and how many posts will be cut is yet to come. Further, the company may "redeploy" some employees, and may even recruit new blood for "key roles," all with an eye toward running the strongest possible team going forward. Though, we imagine that the recruitment bit won't fly well for those employees getting the sack.