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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 names Jean-Marc Gales as new CEO

It's been about two years since DRB-Hicom took over Proton, and through it Lotus. One of its first courses of action was to fire the existing CEO, Dany Bahar, and proceed to scrap most if not all of his (arguably over-) ambitious plans. In his place they put one of their own - Aslam Farikullah - as Chief Operation Officer, but now the Malaysian-owned British automaker has attracted an industry heavyweight to lead it into the future.
That heavyweight is Jean-Marc Gales. The British- and German-educated Luxembourgian has spent the past couple of years running the European Association of Automotive Suppliers (CLEPA), but may be better known for his previous posting as CEO of PSA Peugeot Citroën between 2009 and 2012, during which time he introduced the Citroën DS line, amongst others, and increased the French automaker's sales. Before PSA he worked for Daimler, General Motors and Volkswagen.
As the new Chief Executive Officer of Group Lotus, Gales will face the difficult task of growing a business based on three models - the Elise, Exige and Evora - that date back to 1996, 2000 and 2009, respectively. Whether he'll push for new models like his predecessor did remains to be seen, but he'd be wise to learn from Bahar's mistakes and avoid overextending what has always been a relatively small automaker.

Lotus Eletre configurator welcomes virtual tire kickers

The Lotus Eletre configurator is ready to be toyed with. There aren't that many customization options to play with, but the total experience is quite fun. The exterior palette consists of seven colors. The odd bit is that, try what browser we may, we couldn't get the names of those seven colors to appear anywhere. The menu looks like black, green, red, yellow, and three shades of silver, but clicking the latter three reveals what looks like a metallic silver, a flat gray, and a rose-tinted-something. Same with the interior, which comes in green, black, white, or beige. All but black result in a two-tone cabin. Things are much easier when it comes to wheels. The floral petal rims either come in all black or black with polished accents, the center caps are either Lotus yellow or black, and the calipers are either yellow, red, green, black, or charcoal.  For those of you unsure about the Eletre's looks, the well stocked Animations, Beautyshots, and Environments sections could get you on board with the styling — it did for us; a red Eletre under a cosmopolitan setting spoke to us in a way the yellow debut model did not. A couple of notes, though. Choose your colors in one of the Environments; the ambient lighting in the Beautyshots changes the vehicle lighting like in real life, turning the bright yellow calipers into a dusty gray in one instance, for example. The animations that show off features like the aero shutters in the grille and the active rear spoiler need a couple of clicks to perform. And again, just like in real life, the Eletre only does what you tell it; if you leave the hatch up in the Boot animation then click the Spoiler or Front Left Door, the boot stays up. Click to a city environment with the driver's door and hatch open and you'll be crystal clear as to what the Eletre looks at the end of a shopping run, a feature we've never seen in a configurator before. You have your mission and your cautions, now go play. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2017 Lotus Evora 400 Review | Autoblog