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Lotus F1 team $186 million in debt

The Lotus F1 team has fallen on some hard times. Majority-owned by investment firm Genii Capital and having little to do with the British automaker with which it shares its name, the Enstone-based outfit has been widely reported to be in serious financial trouble. The extent of those difficulties were until now unknown, but a new report from Germany's Auto Motor und Sport reveals that the team is in the red to the tune of £114 million - equivalent to $186 million at today's conversion rates.
The lack in cashflow is widely believed to have been the impetus for Kimi Raikkonen's departure from the team in order to return to cash-rich Ferrari, and was one of the major factors in selecting Pastor Maldonado to replace him instead of a more proven and accomplished driver of Raikkonen's caliber. Maldonado brings with him major sponsorship funds from Venezuelan state oil company PDVSA. In speaking with the German publication, however, Lotus F1 chairman (and Genii co-founder) Gerald Lopez revealed that the lion's share of the team's debt - £80 million or $130 million - is with Genii Capital itself, a negative balance that isn't likely to affect the team's day to day. That leaves about $56 million which the team owes to outside parties, including Raikkonen, who has yet to receive the full pay he was contracted for.
The team has opted to sit out the first test session of the Formula One season at Jerez. Its 2014 chassis isn't ready and, given the relatively cold temperatures at this point in the year, the team wouldn't expect to learn much about tire performance and degradation. As far as the new engine goes, Lopez says that any knowledge gleaned by Red Bull, Toro Rosso and Caterham at the test session will ultimately be shared with Renault and through it back to Lotus as well. Lotus engineers helped develop the new KERS system with Renault regardless, so the team already has the energy-recovery data it needs. The team will instead prepare for the second test session in Bahrain, by which point it aims to have its new car ready to kick off the season. Lopez says that it has secured the funding to offset its costs for the season ahead, and that it is working to pay down its debt.

Lotus Type 132 gets another teaser in before debut

Lotus has teased the Type 132 for what could be the final time before the battery-electric crossover debuts next Tuesday, March 29. Swinging for the fences with a special guest star that would help forestall the inevitable discord about Lotus making what will be a weighty crossover, Lotus enlisted Clive Chapman, son of company founder and legend Colin. Clive mentions Colin keeping a practical family car in addition to some variety of orthodox Lotus sports car, and says he thinks his father would have loved the chance to design something like the Type 132. Perhaps it's true. Yet, although Clive mentions practicality and towing and farming and a popular explosion of four-wheel-drive vehicles in the 1970s, Colin is never shown with one in the video. The best Colin does for practical is a Lotus Eclat, which everyone, even today, would likely accept as Lotus' version of a family car.  The video does offer one unquestionably honest bit, which is a silhouette of the Type 132. It's going to be sharp and racy, no doubt about that, and we like the look of it. Separate to the video, additional honest views of the Type 132 have been uncovered in another set of patent images. The Australian patent office let slip renderings of the CUV's exterior early this month, Spanish outlet Cochespias landed on images of the interior placed with a different patent office. They show some expected EV features like a flat floor and a two-level center tunnel with a floating console up top. They show us some expected luxury features like shapely and powered front sport seats, powered rear seats, and a full-width climate control vent design in front. They show some unexpected inclusions like a what appears to be a giant glove box door, and rear seat surfaces that could be a toss-up for comfort — but of the shut lines are accurate, those seats fold down in ways to make the most of the load bay. There's a large infotainment screen that allegedly lies flat on the instrument panel when not in use. And note what might be two cupholders on the center console, one of which might be tiny.  The slim extensions on the exterior views from earlier this month weren't just conceptual. The door panel in the interior renderings shows a blank square ahead of a speaker that should be a screen displaying the feed from the side camera. If anything, the only thing the drawings leave out is how long the vehicle appears to be, based on spy shots of the Type 132 testing in China last month.

Lotus hiring 100 after securing lb100m investment

Lotus is getting a shot in the arm courtesy of corporate parent DRB-Hicom, which has announced a 100-million pound ($152.3M USD at today's rates) investment in the Hethel, UK-based manufacturer. The troubled brand was also in the news last week, with DRB announcing a new, three-year plan that would see variants of existing models introduced.
The money will create 100 new jobs in Hethel, with 45 new engineers, 40 manufacturing operatives and 18 university grads joining the team. Lotus has already seen an uptick in sales this year, according to a Norfolk-based news site, with 40 to 45 cars being produced per week and 722 road cars and 45 race cars sold between January and May. Even sales in the UK have seen a big jump - Lotus only moved 70 units in 2012, but it's already sold 80 cars in the first half of 2013.
Better yet, Lotus is citing an increased demand for its cars around the globe as the motive behind the new hires. While still quite uncertain, Lotus looks like it might finally be on the right track.