The new alliance, to be known as Pacific Team Lotus, will combine the resources of the two East Anglia-based teams. The Lotus managing director, David Hunt, said: "This is a major strategic partnership with Pacific, aimed at re-establishing the Team Lotus name in Formula One."
Pacific entered Formula One last year after success in every other category of single-seater racing. Lotus, founded by Colin Chapman, entered in 1958 and enjoyed a long spell of success before being hit by financial problems.
Another famous marque, Ferrari, yesterday unveiled its needle-nosed challenger for the 1995 season.
Built to the new 1995 aerodynamic and engine rules, the 412 T2 was displayed without key aerodynamic elements, "to give other teams the least possible time to study our ideas," said the team's chief designer, John Barnard.
The car features a new V12 three-litre engine, 10 kilos lighter than the previous 3.5 litre unit, but Ferrari is also working on a V10 power unit.
"We are all starting from zero this year," said Barnard, with the bodywork rules which drastically change the aerodynamics. "We have a lot to learn on aerodynamics, because the changes to the regulations have opened new avenues which we are still exploring."