The technology arm of sports car manufacturer Lotus just finished a round of fundraising that valued "Lotus Technology" at almost $4.5 billion. Lotus did not reveal how much money it raised during the fundraising, but according to Reuters, Lotus aimed last year to raise between $400 million and $500 million, which would have valued the company between $5 billion and $6 billion. Based on the fact that Lotus Technology has now been rated at $4.5 billion, it could have raised up to $400 million. According to the company, it wants to use the proceeds in its development of global distribution networks and production innovation.
What is Lotus Technology?
Lotus Technology is Lotus Cars' electric technology research subsidiary. The company has its own headquarters in Wuhan, China where it researches innovations in the field of battery technology, energy management, electric motors, intelligent driving, and manufacturing. Geely, Lotus Cars' parent company, has plans to trade its shares on the stock market, while the sports car manufacturer itself will remain privately owned. According to Autocar, Lotus Technology will handle the production of less sporty sedans and SUVs for Lotus Cars in the foreseeable future.
Lotus Eletre to join the Lineup by 2024
The most important new model for Lotus is the Eletre SUV, which was unveiled in March 2022. The Eletre is the first model to use a new EV platform with 800V technology that will also underpin more models in the future. Apart from the design of the concept car, Lotus did not share too many details about the SUV. What we already know is that it is going to have a battery pack larger than 100-kWh which can be charged fully in just 18 minutes and reaches an electric range of up to 373 miles (600 kilometers).
The first variant of the Eletre is supposed to have two electric motors that deliver a combined output of 592 horsepower (441 kilowatts) which is enough for the SUV hit 62 mph (100 km/h) in less than 3 seconds. Lotus has already announced that two more versions are going to join the model ranger, one of them expected to reach around 690 horsepower (515 kilowatts).
An Outlook on Lotus' Future
Two more new all-electric models will join the lineup in the near future. The first one is going to be a four-door coupe (Type 133) to rival the Porsche Taycan in 2023, and the second one is a Porsche Macan competitor which is expected in 2025. Apart from this, Lotus is developing an all-electric sportscar together with Alpine, that should arrive in 2026.