Home » Lotus explores IPO early next year to fund global expansion

Lotus explores IPO early next year to fund global expansion

by SEP Editor
(Photo credit: Lotus)

On Feb. 22, Group Lotus Plc, which has its headquarter in the UK., is considering taking its lifestyle business public.

Being a company majority-owned by Geely, this company is now planning to let Lotus Tech, one of its sub-companies that concentrates in the NEV market come into the market within two years, providing financial support for its electrification and global expansion.

The oversea market  

This message was released by Matt Windle, managing director of Lotus Cars in a report in the Financial Times. 

Lotus’s speaker James Andrew said that Lotus Tech. has been developing electric cars for Lotus, which will be listed in China, the UK, or the US in the future. 

Lotus Technology was founded at the end of August last year, in order to produce “lifestyle vehicles” and received an investment from NIO Capital, the venture capital arm of NIO.

This would help in Geely’s expansion plan, as it expects to achieve 1.65 million sales this year. 

Last week, Group Lotus Plc showed the upcoming Type 132 electric SUV to the London financial circle and dealers. This car is developed by Lotus Tech and will be produced at Wuhan. 

The Financial Times report doesn’t specify which division Lotus is considering taking public, though it’s wording about lifestyle business suggests it would be Lotus Technology based in Wuhan, Hubei province.

(Photo credit: Lotus)

Lotus Technology and its product 

In 2022, Lotus will debut an E-segment SUV codenamed Type 132. It will be followed in 2023 by an E-segment four-door coupe, Type 133, and in 2025 by Type 134, a new D-segment SUV. This trio will be joined in 2026 by an all-new electric sports car, Type 135.

Lotus plans to sell 100,000 cars worldwide by 2028, well above the 1,500 it produced at its Hethel plant last year, according to the Financial Times.

The Type 132 is currently highly anticipated because it is seen as the key to launching the rebirth of the Lotus brand.

Late last month, Lotus began hiring for dozens of positions in China. Its poster reads, “Type 132 is coming to life,” signalling that its first all-electric model may not be far from being announced.

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