The technology division of sports car manufacturer Lotus, Lotus Technology, said on Wednesday that it had successfully raised the necessary funds, valuing the company at close to $4.5 billion. The subsidiary, which is a part of Group Lotus and is owned by Malaysia’s Etika Automotive and Chinese manufacturer Geely (GEELY.UL), said it will use the money for product innovation and expanding its global distribution networks.
By the end of that year, Lotus Technology planned to raise $400 million to $500 million at a post-money valuation of $5 billion to $6 billion. On Wednesday, Lotus Technology verified that it was the same round of financing, but she didn’t say how much money was obtained or who the investors were. By the end of this year, Lotus intends to begin building its first electric SUV, with deliveries starting in the first quarter of 2023.
