Lotus Technology earned $4.5 billion in fundraising

Lotus Technology has announced its plan to raise $400 million to $500 million by the end of 2021, with a post-money valuation of $5 billion to $6 billion. Following next, the company told Reuters that it had completed a fundraising that valued the company almost (RM20.56 billion) $4.5 billion.

With the amount gathered, Lotus intends to begin production of its first electric SUV by the end of this year, with deliveries beginning in early 2023.

Lotus Group had previously planned to whip the Lotus Technology division for 5 billion to 6 billion pounds sterling, or RM28.5 billion to RM34.2 billion previously.  

More than that, Lotus Technology which is owned jointly by Chinese automaker Geely and Malaysia's Etika Automotive has claimed that the proceeds would be used for product innovation and the development of global distribution networks.

Thanks to paultan, Geely owns 51% of Lotus Cars and Etika Automotive owning the remaining 49% which is owned by Tan Sri Syed Mokhtar Al-Bukhary also owns DRB-Hicom. Following next, Etika Automotive is a subsidiary of Etika Strategy plus the firm as well as possessing 30% of Lotus Technology.