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Lotus says it's hiring 200 new engineers in effort to expand

Lotus is making moves to rise back up in the automotive world. A report from The Telegraph says the British company will hire 200 new engineers. This batch of hiring comes from the pockets of new Chinese owner Geely. The plans also include the opening of a new engineering center in the U.K. away from its longtime home in Norfolk. Lotus CEO, Phip Popham said this about the new moves. "Lotus has been in survival mode for many years. We're taking on people here and also in the Midlands. We need to tap into the industrial resource outside Norfolk to help our growth," Popham said. These new hires are all part of a multi-billion dollar investment into Lotus from Geely to try and turn the company around. Ultimately, Lotus wants to triple its current production all the way up to 5,000 cars per year. One of the initiatives from this investment is an all-electric hypercar we saw teased not too long ago. Popham also spoke of making cars with a slightly different focus than the Lotus we know of today. "A car not just for the weekend, but one you can live with," Popham says. Ideas of a Lotus SUV or grand tourer have bounced around in the recent past, and those still appear to be in the company's plans. The British brand plans on tapping Geely for many items it doesn't already have, according to the report. These include modern items like digital display screens and parts required for electrification of its vehicles. A new platform meant to house these "livable" Lotus cars is said to be in the works.

New 2024 Lotus Emira priced at just under six figures

Unveiled in 2021, and delayed earlier in 2023 allegedly due to certification-related issues, the 2024 Lotus Emira is finally ready to turn its wheels on American pavement. The coupe appears on the firm's online configurator, but it costs significantly more than initially announced. Buyers will have two Emira flavors to choose from. The entry-level car uses a Mercedes-AMG-sourced 2.0-liter four-cylinder engine that's turbocharged to develop 360 horsepower and 310 pound-feet of torque. It spins the rear wheels via an eight-speed automatic transmission. Next up is a supercharged, 3.5-liter V6 provided by Toyota and rated at 400 horsepower and 310 pound-feet of torque. The six-cylinder spins the rear wheels via a six-speed manual transmission, though a six-speed automatic that bumps the torque figure to 317 is a $2,150 option. Pricing for the base Emira starts at $99,900 excluding destination fee, which hasn't been published yet, while the V6-powered car carries a base price of $105,400. Note that these figures only apply to the First Edition model; Lotus hasn't detailed or priced the other available trim levels. For context, the Geely-owned British brand initially announced prices of $85,900 and $93,300 for the four-cylinder- and V6-powered models, respectively. An earlier report blames the increases on the supply chain-related constraints that have plagued most carmakers since 2020. Enthusiasts configuring an Emira have a long list of options to choose from. Lotus offers Touring and Sport chassis configurations (the latter brings a firmer suspension system), 13 paint colors, a Black Pack that bundles black exterior trim pieces, and three wheel designs. Inside, you've got several leather and Alcantara upholsteries to choose from plus a vehicle tracker, a HomeLink transceiver, and tinted windows. Lotus dealers across the nation will begin receiving the V6-powered Emira First Edition in the third quarter of 2023, while buyers waiting in line for a four-cylinder-powered model won't get their car until the first quarter of 2024. Additional trim levels should join the range later on. Related video:

European commission investigating F1 finances and anti-competitive accusations

The Kingdom of Formula One reminds us of renaissance Florence - ruled by a singular chieftan behind a mask of representative involvement, rife with spectacularly convoluted machinations, awash in innovations that help define our world and far-flung, vindictive misery. If we found out Bernie Ecclestone's real last name was de Medici, well, it would explain a lot. Now after a bit of back-and-forth, the European Commission (EC) has taken aim at the kingdom, investigating whether F1 is anti-competitive and if the FIA has abused its antitrust agreement. The reason for EC scrutiny is that a British member of the European Parliament who represents an area in southwest England, Anneliese Dodds, has fielded complaints from engineering companies in her constituency that recent moves in F1 have put them out of business. She wrote to the EC to question why the FIA now has a stake in F1 when it signed an agreement in 2001 to be solely a governing body and abdicate any stakeholding in the sport. She also questioned the F1 Strategy Group, a group of the six top teams in F1 that makes decisions about the direction of the sport; she says that the Strategy Group not only appears to be a case of the F1 shirking its rule-making duty, it has resulted in unfair treatment of the small teams that aren't in the group. Dodds has a bit of a point. In 2001, the FIA sold F1's commercial rights to Ecclestone for 100 years for a sum of $313.7 million. That was done to placate European regulators who insisted that "the role of FIA will be limited to that of a sports regulator, with no commercial conflicts of interest." Although the rights are ultimately owned by the FIA and bring in a $10M fee every year from Formula One, those rights bring in $1.6 billion each year to Formula One Management (FOM), the company that owns F1. When Ecclestone was trying to get the new Concorde Agreement signed in 2013 that governs the running of the sport, the FIA wouldn't sign, saying it wanted F1 to share a larger slice of its revenue – the FIA has been losing money for years, see. To the get the FIA to sign, Ecclestone sold it a one-percent stake in F1 for $460,000 and gave the FIA a $5M signing 'bonus;' whenever F1 has its IPO, that stake is estimated to be worth about $120 million - not a bad return. Yet, according to the aforementioned 2001 agreement, the FIA can't have that equity stake.