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Renault paid GBP1 to buy back its F1 team

Running a Formula One team is anything but cheap and straightforward, but it didn't cost Renault much to reacquire the Lotus team from Genii Capital. In fact, according to the latest reports, the French automaker paid just GBP1 – less than a buck fifty – for the privilege. Still, the process was deeply complicated. The reason Renault was able to get it so cheap is because the team was deeply in debt, part of which Renault will now assume. Less than a year ago, the team was said to be nearly $200 million in the red, and just a few months ago Renault came to its rescue to pay a $4 million tax bill to the British government. Under the terms of the new deal, Renault will assume the debt that the team's previous owners had accrued, but will be spared the nearly $150 million which its stakeholders loaned to the team. The history of the outfit based in Enstone dates back to 1981 when it was founded as Toleman Motorsport. French fashion giant Benetton bought the team in 1985, which in turn sold it to Renault in 2000. A decade later, after two world championship titles, Renault began stepping back its involvement in the team and gradually transferred ownership to investment firm Genii Capital, which has run it ever since under the Lotus name that it secured from the automaker under contract until 2017. Unable to fund a competitive team, Genii has now sold the team back to Renault, but the financial intricacies of the deal are far from straightforward. To start with, Genii and its subsidiary Gravity Motorsports (the team's parent company) didn't hold all the shares in the operation, so it bought back over 6 million shares from Whiterock Alliance to add to its own 60 million shares. The vast majority of those shares were then transferred (for that princely sum of GBP1) to Gringy (UK) Ltd, the shell company that technically owned the team in its Benetton days. Gringy (a wholly owned subsidiary of Renault) will hold a 90-percent stake in the team, with the last 10 percent remaining in Genii's hands and those of its investors. In the process, the outfit will now rejoin the likes of Ferrari and Mercedes among the F1 teams developing their own powertrains. Related Video: News Source: Motorsport.comImage Credit: Dimitar Dilkoff/AFP/Getty Earnings/Financials Motorsports Lotus Renault F1 genii capital

Turns out the 2020 Lotus Evora GT is one of the best sounding cars on sale

Toyota has built plenty of engines that sound the business. We know the company has it in them, but what comes out isn’t always enthusiast-focused. Yet, hereÂ’s a fairly normal Toyota 3.5-liter V6, sitting in the middle of a Lotus. YouÂ’ll find it under the hood of a Toyota Camry, but here it is sitting under the engine cover of this 2020 Lotus Evora GT. Of course, Lotus hasnÂ’t dropped the engine in there without Lotus-fying it. This one has an Edelbrock supercharger with an integrated water-to-air charge cooler, plus a special calibration and tune from Lotus. In the Toyota, the base engine makes 301 horsepower. This Evora GT is putting out 416 horsepower and 317 pound-feet of torque. It also breathes through a set of pipes that the Brits would call ace. Check out the video at the top to get a taste of what we heard for a week straight. Our Evora GT was equipped with the standard exhaust. ThereÂ’s an optional titanium exhaust that drops 22 pounds from the curb weight, but Lotus says that it doesnÂ’t actually sound all that different. What does make a difference in the sound is changing the drive mode. ThereÂ’s a valve that opens in the exhaust when you select Sport mode or press the exhaust button. This drastically changes the sound heard from the cabin. In normal Drive mode, the exhaust is muted and just hanging out in the background. ItÂ’s shockingly quiet, but perfect for highway cruising because the drone goes away. Sport mode completely changes the tone and unlocks a sweet wail we didnÂ’t know the Toyota V6 had within it. ThereÂ’s no computer-enhanced or synthesized noises to be heard here. ItÂ’s all real. Taking it one step further in Race mode unlocks the tiniest bit more noise, Lotus says, but itÂ’s hardly noticeable in practice. We found the best experience was in Sport mode, since that reigns in traction control, retains stability control, and boosts throttle response by a bit. 2020 Lotus Evora GT View 6 Photos Under tunnels and overpasses — and this does feel weird to say, knowing the engineÂ’s origins — thereÂ’s a hint of Formula one car sound in there. WeÂ’re talking F1 from a few years ago, not the boring turbo engines of today. The way it shrieks and screams off walls, completely immersing you in the echoing sound, is intoxicating. Very few cars can match the Evora in sound quality, and thatÂ’s impressive considering some of the noisemakers car companies put out these days.

Lotus confirms new Emira will be its last car powered by gasoline

Lotus is four years into the 10-year Vision80 plan that it announced at its 70th anniversary in 2018, and according to Matt Windle, managing director of Lotus Cars, the brand is "on track" to completely revitalize its line of sports cars as it branches out into profitable new automotive segments. Windle also confirmed the name of Lotus' upcoming new vehicle: "The spirit and passion that gave the world the Elise, Exige and Evora will live on in the next generation of cars – cars like the all-new Lotus Emira." The British company's sports car replacement, previously known as the Type 131, will make its virtual debut on July 6 before being shown in public at the Goodwood Festival of Speed that begins on July 8. Lotus confirmed that the Emira will be offered solely with internal combustion engine options and will not offer hybrid power, and that the powerplant comes from "an exciting new powertrain partnership" with options that are "new to Lotus." The company's Elise, Exige and Evora used four- and six-cylinder engines sourced from Toyota and tuned specifically for high-performance use. The Emira, which will be priced similarly to the Evora, will be the last production Lotus powered by gasoline, and it will be built atop a brand-new "Elemental" platform that relies on the brand's familiar extruded aluminum-intensive chassis. Three more platforms are currently in development, and these four architectures will provide the basis for the company's planned expansion. The next we expect to see in production is the Hypercar architecture that forms the basis of the upcoming Lotus Evija. The electric Evija and its "Extreme" platform will start rolling out of the Hethel headquarters later this year. Lotus' "Evolution" platform is next, and it will underpin "an all-new range of lifestyle vehicles" that "will catapult Lotus into a new era of higher retail volumes and significant revenues." We take that to mean SUVs. This Premium architecture was reportedly designed by Lotus in the UK with collaboration from other brands under the Geely umbrella in China and Sweden and Germany. Finally, Lotus and Alpine have consummated their recently announced partnership and will launch an "E-Sports" platform that will be "will be flexible and modular." We expect a range of electric vehicles on this architecture that could include everything from sports cars and hatchbacks to crossovers and other utility shapes.