Lotus Technology has just completed a fundraising round that values the technology arm of the sports car maker at nearly $4.5 billion.
While the company has not disclosed how much money it has raised, nor has it named the investors who participated, Reuters reported last year that Lotus Technology aims to raise between $400 million and $500 million, valuing it between $5 billion and $6 billion.
Lotus says it will use the proceeds to develop global distribution networks and product innovations.
Arguably the most important new model for the Lotus brand is the 2024 Eletre, unveiled at the end of March as the first in a series of three lifestyle EVs that will transform the brand now that it is owned by Geely.
Also read: Lotus wants to sell 100,000 cars a year by 2028
The Eletre uses a new EV platform that will underpin other Lotus models and includes 800-volt technology. While Lotus has yet to reveal many key details about the SUV, it is understood that its battery will be larger than 100 kWh and should have a range of 373 miles (600 km) on a single charge. In addition, Lotus promises that a full charge will take only 18 minutes.
The first variant of the Eletre to hit the market will do so with a pair of electric motors that combine to produce 592 hp, allowing it to reach 62 mph (100 km/h) in less than 3 seconds and reach a top speed of 160 mph (257 km/h). Customers will be offered two other power outputs, one of which will reach around 690 hp.
The Eletre will be followed by an all-electric four-door coupe designed for the Tesla Model S and Porsche Taycan. Currently codenamed Type 133, this model will be followed by a Porsche Macan competitor mid-decade.