He not only lifted he had the brakes on! OK all you current and future Elise owners watch this several times if you lift in a hard turn this is what happens and if you lift and apply the brakes this is what happens even faster. if he had held on to it the cyclists would have been seriously hurt or killed.
Thats a front wheel drive car with almost no weight at the back. He should have buried the throttle to try and get out of it, but with the anemic engine that that thing has even that might not have helped once the slide was established.
I'm not sure how much you can compare the dynamics of a car like that to the elise.
SteveW is right... FWD requires that you burry the throttle and have the motor "pull" you out of the slide. Applying the brakes only transferred more weight forward and lightened his rear-end (and got the car rotating more.) How he got the car rotating is another question. I'm guessing he lifted when he thought he was going to nail the Armco.
I think he did even more than that, I think he got scared and hit the brakes while turning. Those cars are designed for Nupties and trying to get the back end to do anything other than follow the front requires real ingenuity.
Judging from all the people and the fact that someone was taping, this was a planned event probably an illegal drifting contest. On open roads no less. The driver went into a slide on purpose but panicked when he saw the scooter coming the other way - I'll be the scooter rider panicked too! So he got on the brakes and all was lost.
Exact same dynamics as an Elise, just the degree is different. In a hard turn if you lift, weight transfers forward unloads the rear tires you lose traction and around you go. It doesn't matter if it is front drive, rear drive, or 4WD, at that point it is only a matter of degree. And, if you panic and apply the brakes you really unload the rear tires! It might be more extreme in an Elise but physics is physics.