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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

Top Gear caught filming Best of British near Buckingham Palace

YouTuber and car-fan extraordinaire Shmee probably had very little trouble tracking down the Top Gear film crew recently, as the group was putting together an episode that could accurately be described as "excessive." With its flag-waving (literally) Best of British theme, the TG guys gathered a jaw-dropping array of British cars, and parked them all right in front of Buckingham Palace to make extra sure that the point was driven home.
Top Gear hosts Jeremy Clarkson, Richard Hammond and James May were outfitted with a trio of Jaguar F-Types festooned with gigantic Union Jacks, with which to survey the landscape of British motoring glory. In the video below, you'll see that this includes any number of Mini, Aston Martin, Lotus, McLaren, Land Rover, Bentley and Rolls-Royce models (just to name a few), as well as a healthy dose of weird stuff that most people would never guess at being built in the UK. The lawnmowers and military vehicles are especially cool.

2020 Lotus Elise Classic Heritage Editions celebrate past race car liveries

For 2020, the Lotus Elise is getting a very limited edition. The Elise Classic Heritage Edition is a version that can be had in one of four liveries that reference past Lotus race cars. While the paint schemes are fitting tributes, the redundancy of having "Classic" and "Heritage" in the same name seem antithetical to Colin Chapman's philosophy of "simplify and add lightness." Name aside, the color schemes look good. Naturally, one of them is the famous black and gold of the John Player Special Lotus race cars. Others are less familiar, but still significant. Two of them highlight cars driven by famous racers. The blue, red and silver combo references the 1980 Lotus Type 81 driven by Mario Andretti, Nigel Mansell and Elio de Angelis. The red, white and gold version is for the 1968 Type 49B driven by Graham Hill. As for the blue and white car, it celebrates the first Lotus F1 car to win pole position and the race, the 1960 Type 18. The flashy paint is matched with equally flashy interiors. The upper door panels and other trim pieces are painted in coordinated colors, and the seat centers are finished in matching fabric. The one exception is the blue and white model that gets red seats. While the car is based on the 217-horsepower Elise 220, it gets features that are normally extra-cost on that car, including air conditioning, cruise control, a radio, carpeting and floor mats, two-piece brake rotors and forged wheels. Available as options are a hardtop, lithium-ion battery and titanium exhaust. All of these extra features, plus the colors and exclusivity help make the extra GBP6,350-pound upcharge worthwhile, which makes the car cost GBP46,250, or just over $57,000 at current exchange rates. Speaking of exclusivity, only 100 of these cars will be sold internationally. Lotus notes that the split between the different colors will be dependent on demand, so certain liveries could be rarer than others. Don't expect any of them to be offered in the U.S., though, since the Elise isn't available here at all. Related Video: