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Lotus announces four EVs and moves its technology division to China

Lotus took a big leap towards the mainstream with the announcement it's building four new EVs, and only one is a sports car. The others include a sedan and two SUVs. And on top of the new product announcements, the automaker revealed its Lotus Technology division is going to set up headquarters in Wuhan, China. With the Elise out of the picture and its pockets full of cash from Geely – parent company to Volvo, too – Lotus is moving forward with its ambitious expansion plans. It announced it will grow its line-up of models with four electric cars shown in the sketch above: an SUV called Type 132 internally and due out in 2022, a sedan marketed as a four-door coupe known as Type 133 and expected to go on sale in 2023, a second SUV referred to as the Type 134 that will make its debut in 2025, and a sports car currently dubbed Type 135 that we'll allegedly see in 2026. This isn't the first time Lotus has made wild claims about its future, but this time it might actually have the funds to pull it off. We knew that an SUV was in the pipeline, leaked patent images may have revealed its exterior design, but the sedan and the second high-riding model are new additions to the company's product roadmap. Lotus explained its so-called "premium lifestyle" vehicles (read: four-door models) will all ride on a new platform called Lotus Premium that's said to be highly modular. Its wheelbase can vary from about 114 to 122 inches, and it can take battery packs with a capacity of 92 to 120 kilowatt hours. It's also compatible with an 800-volt charging system, and Lotus claims vehicles built on the new architecture will be capable of reaching 60 mph from a stop in less than three seconds. As for the other news, while Lotus ostensibly remains based in Hethel, England, its historic home, the Lotus Technology subsidiary broke ground on a new facility in China in August 2021. Lotus explained it formed the division to develop batteries and energy management systems, electric motors, electric control systems and other EV components. Investing in Wuhan rather than in Hethel will certainly raise more than a few eyebrows. It's a move that brings Lotus closer to its parent company and some of its key investors, such as Nio, while pivoting it away from its historic home and its main markets.

Why Lotus thinks its luxury EV game plan will succeed globally

  Luxury sports car and EV maker Lotus completed its SPAC merger last week in the U.S. and its stock was publicly traded for the first time on Friday. It’s an interesting turn of events for the Geely-backed automaker now known as Lotus Tech given the uncertain EV market, but one that may prove an exception to the struggles of other pure-play EV makers. Trading under the ticker LOT on the Nasdaq, Lotus Tech will focus on the higher end of the EV market with its Eletre SUV and Emeya sedan, which will not only be offered in the US but also in Europe and, more importantly, China. “What is most important here is that we are definitely going to more markets at the same time through more models and through more stores,” said Lotus Tech CFO Alexious Lee to Yahoo Finance from the Nasdaq market site. By the end of the year Lotus will have four vehicles in production, three of them EVs. “These four models are currently available in Asia Pacific and part of it is also available in UK and EU,” Lee said. “We're having the new [Eletre] SUV model coming into the U.S. in the third quarter of this year, so different markets have different strategies and different product offerings and different conditions." Lotus is able to go to market in a number of territories due to the backing of its majority owner, Chinese auto giant Geely. But it also raised a considerable amount of money through its SPAC merger. Lotus Tech said it raised more than $880 million in pre-closing and PIPE financing commitments, with a targeted valuation on listing day of nearly $7 billion. Lotus Tech also had an interesting partner with its SPAC merging, combining with L Catterton Asia Acquisition Corp (LCAA), which is backed by French luxury conglomerate LVMH. Lotus Eletre in Solar Yellow View 11 Photos As Lotus targets the luxury segment with its vehicles — the Eletre and Emeya will be playing in the $80,000 to $150,000 ballpark — having a partner like LVMH, with its deep connections and insights into the luxury consumer, could be hugely beneficial. “Now what is more important here is Anish Melwani, who is the CEO for LVMH North America, will be on the board of Lotus Tech,” Lee said.

Lotus settles with ex-CEO Dany Bahar, avoids London High Court

Five years after it began, it appears the Dany Bahar tenure at Lotus is finally over. After former Lotus owner Proton brought in the ex-Ferrari and Red Bull marketing savant to run the company in 2009, everything had gone pear-shaped by 2012: Proton had been sold to Malaysian auto supplier DRB-Hicom, who suspended Bahar and then fired him for what it said were expense-account transgressions (although Bob Lutz reportedly said something different).
The separation led to the expected suit and countersuit, Lotus going after Bahar to get its money back, Bahar filing a $10.6-million suit againt Lotus for wrongful termination and potential bonus money. The case was set to go to trial next month but both parties have settled, the terms undisclosed, a DRB-Hicom statement saying only that "the parties involved in the legal suit have signed a Settlement Agreement and Release... and have agreed to withdraw their claims against each other."
Now that that bit of housecleaning is all cleared up, can new CEO Jean-Marc Gales please get our Esprit?