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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 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.

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.