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Lotus Type 132 electric SUV previewed ahead of March 29 debut

Lotus is about to unveil its most important and most controversial car. It will jump into the electric crossover segment when it launches a model called Type 132 internally, and it released a short video that gives us a preview of what the people-hauler looks like inside and out. Aimed at the Porsche Cayenne, among other high-riding and high-horsepower machines, the Type 132 will spearhead the British firm's entry into the mainstream; it likely won't be a high-volume model but we're betting it will become the best-selling Lotus. The preview video reveals a handful of styling cues, like a light bar that stretches across the rear end, and it confirms that the cabin will offer a long list of tech features. Drivers will face a digital instrument cluster and a meaty steering wheel with backlit buttons and a pair of shift paddles, though it's too early to tell what purpose they'll serve. We know that the Type 132 — a name which won't be retained for production — will be entirely electric so the paddles will very likely not be connected to a gearbox. Both are labeled "+" and they may be used to adjust the level of regenerative braking. If that's the case, then odds are there's also a "-" symbol on each paddle that's hidden from view in the 1:12-long teaser video (shown above). Lotus Type 132 preview View 4 Photos Spy shots taken in China in February 2022 suggest that the Type 132 will tilt more towards the sporty side of the crossover scale; Lotus isn't interested in rivaling, say, the Mercedes-Benz GLS in terms of passenger and cargo space. The sheet metal will hide a modular platform called Evolution Architecture, and the crossover will reach 60 mph from a stop in under three seconds in its most powerful configuration thanks in part to a dual-motor powertrain. It will be interesting to find out how Lotus, whose founder's now-famous motto was "simplify, then add lightness," will offset the lithium-ion battery pack's significant weight. Lightweight materials, like carbon fiber, will certainly play a role. Lotus will introduce the Type 132 online on March 29, and production will start shortly after in a new facility located in Wuhan, China. Looking ahead, the company plans to continue its model offensive by releasing a four-door sedan that's called Type 133 and tentatively due out in 2023, a second SUV known as Type 134 that we should see in 2025, and a sports car dubbed Type 135 that will make its debut in 2026.

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 Evora GX to race in U.S. Grand-Am series

The Lotus Evora has taken many forms as a race car over the past few years, starting in 2009 with the Type 124 Endurance Racer built for the FIA GT. Since then, Lotus has developed a GT4 Cup version designed for a one-make series, the Evora GTE that currently competes in the GT class of the ALMS and the recently introduced Evora GTC.
Now, Lotus has released the Evora GX, a variation of the GTC tweaked to specifically meet the requirements of Grand-Am's new GX class that will launch at the start of the 2013 race season. While the two cars are very similar, using the same lightweight carbon fiber and plexiglass bodywork, the GX version gets a thicker U.S.-spec roll cage, a revised front splitter and bumper, a standard Grand-Am rear wing, yellow headlights and a new fuel filler system. ABS and traction control have also been removed per Grand-Am regulations.
Pricing for the Evora GX is listed at $335,000 with each one built to order, and one customer has already taken the plunge. McMahon Raceworks has placed an order and should have the car on the starting grid at the first race next year.