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Geely Unit Lotus Tech aims to raise up to $ 500 million: CFO

The company will launch its first product, the electric sports utility vehicle, in the first quarter of next year, aiming to have three models within the next five years.


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Lotus Cars plans to open a new factory in Wuhan, China next year.

Lotus Technology, a new unit from China’s Yili, founded to develop technology to power Lotus sports cars, plans to raise $ 400- $ 500 million by the end of this year. , The chief financial officer told Reuters.

In an interview, Alexias Lee said Lotus Technology, part of Group Lotus, co-owned by Chinese carmakers and Malaysia’s Etica Automotive, will begin a funding round before Christmas. rice field.

This will give Lotus Technology a $ 5 to $ 6 billion post-money valuation (the value of the company after a round of funding from external investors), Lee added.

According to Lee, the company will launch its first product, the electric sports utility vehicle, in the first quarter of next year, aiming to have three models within the next five years.

“Because it’s Lotus, it’s getting a lot of attention, especially from foreign investors,” Lee added, adding that the company is trying to sell its 10% to 15% stake.

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Lotus Technology will start a funding round before Christmas.

The company spends more than half of its new money on research, 30% to 40% on marketing, and the rest on working capital.

Lotus Technology is on track for the possibility of going public in 2023, probably in Newyork and Hong Kong, Lee said.

Lotus Cars, the maker of the Lotus Esprit, famously driven by James Bond in The Spy Who Loved Me in 1977, has placed its vehicles in a segment similar to its rival Porsche. Next year, we plan to open a new factory in Wuhan, China.

“It’s an asset light business because we don’t own our own manufacturing industry. It’s owned by our parents,” Lee said.

Sales of premium and luxury cars are growing in China as the coronavirus pandemic travel restrictions allow consumers in the world’s largest car market to spend more money.

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Lotus Tech’s investors include Nio Capital, an investment company founded by the CEO of Chinese electric vehicle maker Nio Inc, which was valued at 15 billion yuan in September.

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Geely Unit Lotus Tech aims to raise up to $ 500 million: CFO

Source link Geely Unit Lotus Tech aims to raise up to $ 500 million: CFO

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