The technology arm of sports car maker Lotus is raising an estimated $4.5 billion.

The Lotus logo is seen at the car factory’s headquarters in Hettel, Britain on June 23, 2021. Photo taken on June 23, 2021. REUTERS/Dylan Martinez/File Photo

SHANGHAI, September 21, 2011 (FBC) – Lotus Technology, the technology arm of sports car brand Lotus, has announced that it has completed a fundraising that has valued its business at approximately US$4.5 billion.

The unit, which is part of Groupe Lotus and is in turn jointly owned by China’s Geely ( GEELY.UL ) and Malaysia’s Etika Automotive, said it would use the proceeds for product innovation and the development of global distribution networks.

Reuters As of 2021, Lotus Technologies is looking to raise $400 million to $500 million by the end of that year, with $5 billion to $6 billion after financing.

Lotus Technologies confirmed a similar fundraising on Wednesday but did not disclose the amount raised or the number of investors involved.

Lotus plans to start production of the first electric SUV at the end of this year and start deliveries in early 2023.

By Zhang Yan, Brenda Goh Reporting by Mark Potter

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