Lotus Technology valued at $4.5 billion after funding round

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Lotus Technology valued at $4.5 billion after funding round

According to a report from Reuters, Lotus Technology, a tech company that was founded out of British sports car maker Lotus and now owned by China s automaker Geely, has completed a fundraising that valued the startup at $4.5 billion.

Lotus Technology will use the funding proceeds to develop global distribution networks and product innovation. In 2021, Reuters first reported that Lotus Technology was looking to raise between $400 million and $500 million by the end of the year, with a post-money valuation of $5 billion to $6 billion. Lotus Cars was founded in 1948 and has been owned by Colin Chapman for many years. After his death and due to financial instability, the company was sold to General Motors, then Romano Artioli, and DRB-HICOM through its subsidiary Proton.

In 2017, the automaker changed hands again after China s Geely, which also owns Volvo, London Taxi Company and Lynk&Co, acquired a 51% stake in Lotus, while Malaysian automotive group Etika bought the remaining 49%. The company plans to start production of its first electric SUV at the end of 2022 and begin deliveries in early 2023.

As a global intelligence subsidiary that complements the brand's DNA and technology accumulated over the 73 years that Lotus has existed, the role of Lotus Technology is to speed up innovation in the fields of batteries and energy management, electric motors, electronic control systems, intelligent driving, intelligent manufacturing and more.

In August 2021, Lotus Technology launched its global headquarters in Wuhan, China. The new Lotus Technology headquarters will be completed in 2024. The company also added that the new Lotus factory, which is planned to open in 2021, will be used to make Lotus electric vehicles for global markets.