News

The British car manufacturer Lotus is already owned by Geely, and now the company has announced it will merge with L Catterton Asia Acquisition Corp., which is a SPAC or special acquisition company.The combined company is expected to keep the name of Lotus Technology Inc., with an estimated combined enterprise value of approximately $5.4 billion.Geely and other current Lotus owners are expected to retain their interests in the merged entity and hold a combined 89.7 percent. Ordinary shares for Lotus are expected to be listed on the NASDAQ under the ticker symbol “LOT” after the IPO. Lotus is going public, yet on the surface little will change: Parent company Geely and its co-owners are expected to retain an 89.7 percent majority share of the company. Ordinary shares for Lotus are expected to be listed on the NASDAQ exchange under the ticker symbol “LOT” after the IPO. Interestingly, the new acquisition company, or SPAC, that’s buying in to Lotus is associated with Bernard Arnault and his France-based luxury goods giant LVMH, which owns companies that make everything from champagne to haute couture clothing.More on LotusNew Feel, Same NameAfter the deal goes through with the special-purpose acquisition company (SPAC), L Catterton Asia Acquisition Corp., Lotus is expected to retain its name “Lotus Technology Inc.” with a new enterprise evaluation of roughly $5.4 billion. That evaluation takes into account an estimated $288 million in cash from Catterton’s trust account (assuming none of that firm’s public shareholders elect to redeem their shares), according to a release from Lotus.Eletre SUV Plans Look to Be on TrackGeely CEO Qingfeng Feng will continue to helm the ship, and production plans do not seem to have changed. When we asked Lotus about how the merger will affect short- and long-term production plans, we were directed to the official release here. As things stand, the Eletre SUV is still expected to begin delivery in China in the first quarter of this year, and in the U.K. and Europe later in the year. It seems the U.S. and the rest of the world will need to sit patient, with Lotus still planning global delivery in 2024. The push to go public is part of a larger narrative between Lotus and Geely trying to improve the company’s reach on a global scale. To that end, prospects seem high for the British outfit as it heads public. Managing director Matt Windle told us in December that Lotus received more than 10,000 orders for its new Emira, with over a third of those sales coming stateside. On top of that, in the span between Goodwood 2021, when the Emira launched, and Goodwood 2022, Lotus sold more cars than it had in the previous six years combined. A Colorful History of OwnershipLotus has changed hands a few times since Colin Chapman founded it in 1952. Following Chapman’s death, the company teetered on the edge of bankruptcy before being purchased by General Motors and Toyota. The company was eventually sold to the Italian businessman Romano Artioli who also owned Bugatti at the time.In 2017, Zhejiang Geely Holding Group (more commonly known as Geely) purchased a 51 percent stake in Lotus. In the years since, Geely has poured hundreds of millions of dollars into bringing Lotus into the modern era of car manufacturing.This content is imported from poll. You may be able to find the same content in another format, or you may be able to find more information, at their web site. More

McLaren is expected to replace the retired 720S with a new model called the 750S, as first reported by Automotive News. The report claims the 750S will gain 30 hp and be a “little more aggressive” than the outgoing 720S.Along with new design details inside and out, the 2024 McLaren 750S is slated to go on sale later this year starting at roughly $340K.When McLaren officially said goodbye to the 720S at the end of last year, we knew a successor was on the way, but we didn’t know anything about it. That changes with today’s news that McLaren is expected to call the 720’s replacement the 750S, per a scoop by Automotive News.Mightier V-8 and Sharper HandlingCiting an anonymous source with inside information, the AN report claims the 750S will share the same platform and powertrain with its predecessor, but the new model will have myriad enhancements. For example, the twin-turbo 4.0-liter V-8 will carry over to the 750S, but the engine is said to have revisions that add 30 horsepower, increasing output from 710 to 740 hp.720S at VIR.Car and Driver765LT at VIR.Car and DriverThe 720S was already a wonderful track car—as we experienced first-hand at our 2018 Lightning Lap event. Still, it wasn’t nearly as intense in that regard as the McLaren 765LT we lapped. The 750S is expected to fall somewhere between those two on the performance spectrum, suggesting it’ll have sharper handling than the 720S but won’t be as brutish as the 765LT.New Looks Outside and InWe don’t yet know what the 750S’s exterior will look like, but the AN story paints a picture of a machine that’ll draw from newer McLaren models as well as still resemble the car it’s replacing. There’s talk of a revised front bumper, bigger side air intakes, and a larger active rear wing à la the 765LT. Of course, new paint options and different wheel designs will surely be part of the package.Inside, the 750S will likely take inspiration from the new plug-in-hybrid McLaren Artura and even the wild windshield-less Elva. The 750S is said to have a similar steering-column-mounted gauge cluster as those two, and switchgear for selectable drive modes and such will now be found on the cluster’s bezel.Coupe and Spider Coming This Fall Even before we knew the name of the 720S’s replacement, Nicolas Brown, McLaren’s president of the Americas region, earlier this year told AN the new car was already sold out “through deep 2024.” Today’s news also suggests what most of us could figure out on our own: The 750S will be super expensive, with AN’s source saying it’ll likely cost 10 percent more than its predecessor. The 2023 720S coupe started at $310,500, so it’s safe to say the 750S coupe will cost at least $340K.Unlike with previous McLaren launches, the upcoming 750S is said to debut with both coupe and spider (read: convertible) body styles. An official reveal is said to be coming later this month, with production supposedly slated to start this September. A McLaren spokesperson has yet to respond to our request to confirm the new model will, in fact, be called the 750S.This content is imported from poll. You may be able to find the same content in another format, or you may be able to find more information, at their web site. More

Volvo is working on six new EVs that will be revealed in the next four years, according to a report from Reuters.Along with electric replacements for the brand’s SUVs and sedans, Volvo is allegedly designing an electric minivan based on the Zeekr 009 (shown above), leveraging its status as part of the Geely Group.The Volvo minivan will reportedly feature a more “emotional” design, but it likely won’t be sold in the U.S., instead meant for Asian markets where luxury vans are a popular choice.Volvo unveiled its first purpose-built EV, a three-row SUV called the EX90, late last year. Essentially the electric equivalent of the XC90 that has been a mainstay in the company’s lineup since 2002, the EX90 is the first step toward Volvo’s goal of having an entirely electric portfolio by 2030. Now more details on the Swedish automaker’s transition to EVs are emerging, with Reuters reporting that Volvo will launch at least six new EVs by the end of 2026, covering each of the key segments.The 2024 Volvo EX90.VolvoThe EX90 will be followed up with electric replacements for the XC60 and XC40 crossovers, as well as the S60 and S90 sedans. During the EX90 reveal, Volvo also teased an EX30, due to be revealed on June 15 and slotting in slightly smaller than the XC40 Recharge, although its not clear if this model will be sold in the U.S. The future of Volvo’s iconic wagons is less certain—in February 2022, a report hinted that two wagon-like “activity vehicles” were on the cards, but it’s still unclear exactly what shape these models will take.More on VolvoThe two sources cited by Reuters claim that Volvo’s EV offensive will also include a luxury minivan focused on Asian markets. This model, taking advantage of the fact that Volvo is 82 percent owned by Chinese giant Geely, would be closely related to the Zeekr 009. Revealed last fall, the 009 sports a brutalist design and offers a colossal 140.0-kWh battery pack promising 500 miles of range and a dual-motor powertrain with 536 horsepower. The 009’s luxurious cabin has three rows of seating, with prices starting at the equivalent of $74,000 in China. The van, along with the upcoming electric sedans, is being developed at Volvo’s Shanghai R&D center, which Reuters reports has grown to include a 60-person design staff and migrated to a larger facility. The van will also move further away from the brand’s traditionally staid, serious designs and will hew more closely to the Zeekr’s dramatic styling, which is a key facet of many of the luxury vans that are popular in Asia, such as the Toyota Alphard. The Zeekr 009’s design and capable powertrain make us excited to see what Volvo is working on, and we hope that Volvo will consider bringing it stateside as an alternative to America’s obsession with massive SUVs.This content is imported from poll. You may be able to find the same content in another format, or you may be able to find more information, at their web site. More

The 2023 BMW XM Label Red is now registered for an exhibition run at this year’s Pikes Peak International Hill Climb.Matt Mullins, chief driving instructor at BMW’s Performance Driving School, is set to drive the mighty XM.Starting at $185,995, the XM Label Red is a 735-hp plug-in-hybrid SUV that’s slated to go on sale later this year. The 2023 Pikes Peak International Hill Climb is still several months away, but that doesn’t mean we can’t get a little excited about it. The 101st running of the event will take place on June 25, and the organizers have released a preliminary list of 74 entries. While the final roster of competitors won’t be finalized until closer to the event, one entry in particular caught our eye among the already exciting list: The 735-hp BMW XM Label Red.BMWTwitterThat’s right. BMW has made preliminary plans for the mightiest version of its upcoming plug-in-hybrid SUV to perform an exhibition run this year at Pikes Peak. Matt Mullins will drive the Label Red, marking his first Pikes Peak. Mullins currently serves as the chief driving instructor for the BMW Performance Driving School. He’s set to wear number 735, likely a nod to the Label Red’s power figures. Unfortunately, it looks like the XM won’t be partaking in a gung-ho time-attack—that’d surely be exciting to see. A PHEV for Pikes PeakNormally, a plug-in-hybrid SUV isn’t the first thing that comes to mind when thinking of exciting hill-climb vehicles. However, the XM is a more performance-minded machine than its body style and powertrain might suggest. The standard XM produces 644 horsepower and 590 pound-feet of torque. Those figures certainly befit an M-badged BMW, and that’s not even the mightiest version. That title goes to the limited-edition Label Red, which has 735 horsepower and 735 pound-feet of torque. That will make it the most powerful BMW when it goes into production.When the regular 2023 XM goes on sale this spring, and the Label Red follows later this year, the former will start at $159,995 and the latter will start at $185,995.More on the BMW XM SUVA Preliminary EntryThe few images BMW has already released of the XM have received a polarizing reception. Our staff here at Car and Driver is also split on the looks, though the majority seems to agree it’s not a pretty thing. On the Label Red, the regular model’s gold trim is replaced with red trim. The result sort of resembles a lipstick-on-a-pig situation. When we asked about the decision to bring the XM Label Red to Pikes Peak, a BMW spokesperson confirmed that the company submitted a preliminary entry in anticipation of the approaching registration deadline. However, we were also told it has not yet made a final decision on whether or not the XM will participate. This content is imported from poll. You may be able to find the same content in another format, or you may be able to find more information, at their web site. More