Lotus Technologies just closed a funding round that values the sports car maker’s technology arm at nearly $4.5 billion.
While the company did not disclose how much money it raised or the names of the investors involved, Reuters It was reported last year that Lotus Technology was aiming to raise between $400 million and $500 million, a move that valued it at between $5 billion and $6 billion.
Lotus said it will use the proceeds to develop a global distribution network and product innovation.
Of course, the most important new model for the Lotus brand is the 2024 Eletre, which was unveiled in late March as the first in a series of three lifestyle electric vehicles, and now owned by Geely, it will transform the brand.
Also read: Lotus wants to sell 100,000 cars a year by 2028
Eletre uses a new EV platform that will support other Lotus models and include 800-volt technology. While Lotus hasn’t revealed many key details about the SUV, it is understood that it will have a battery pack larger than 100 kWh and can travel 373 miles (600 kilometers) on a single charge. What’s more, Lotus promises a full charge in just 18 minutes.
The first Eletre variant to hit the market will feature a pair of electric motors delivering 592 hp, allowing it to hit 62 mph (100 km/h) in less than 3 seconds and reach a top speed of 160 mph hour (257 km/h). Two other power outputs will be offered to customers, one of which is expected to output about 690 horsepower.
Following the launch of the Eletre, there will be an all-electric four-door coupe designed to compete with the Tesla Model S and Porsche Taycan. The model, currently code-named Type 133, will be introduced as a rival to the Porsche Macan in the mid-2000s.