Sports activities automotive maker Lotus’ tech arm valued at $4.5 billion in fundraising

A lotus signal is seen on the automotive plant headquarters in Hethel, UK, on ​​June 23, 2021. The image was taken on June 23, 2021. Reuters/Dylan Martinez/File photograph

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SHANGHAI, Sep 21 (Reuters) – Lotus Know-how, the know-how arm of sports activities automotive model Lotus, stated on Wednesday that it has accomplished a fundraising undertaking that has a turnover of about $4.5 billion.

The unit, a part of Groupe Lotus, collectively owned by Chinese language automaker Geely (GEELY.UL) and Malaysia’s Attica Automotive, stated it will use the proceeds to drive product innovation and develop a worldwide distribution community.

Reuters reported in 2021 that Lotus Know-how was trying to increase $400 million to $500 million by the top of that 12 months, with a post-money valuation of $5 billion to $6 billion.

Lotus Know-how confirmed Wednesday that it was the identical spherical of fundraising, however didn’t disclose the quantity raised or the traders who participated.

Lotus plans to begin manufacturing of its first electrical SUV by the top of this 12 months and deliveries in early 2023.

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Reporting by Zhang Yan, Brenda Goh Modifying by Mark Potter

Our Requirements: Thomson Reuters Belief Ideas.

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