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One of the explanations that I've heard goes something like this:
At the place that Graham Chapman was working at the time, there was a parts bin or some such labeled "LOT US" which stood for lot unsold - stuff that had not yet been sold, maybe for return etc. Anyway it's said that he liked the looks of that LOT US and just decided on the spur of the moment to name his fledgeling car company LOTUS.
Another one; I saw an english TV program on Chapman and Lotus, and they interviewed Chapman's widow, and they asked her about it, and she got this funny look in her eye (kind of a little spark or something), and kind of smiled a little and said that she really wasn't sure. But some speculate that it was sort of a little private joke between them, something intimate (wink wink, nudge nudge );) The interview with her made that seem a definite possibility.
Off hand can't think of any others, maybe somebody else will weigh in.
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