Exclusive-Geely unit Lotus Tech aims to raise up to $500 million in funds – CFO
By Brenda Goh
SHANGHAI (Reuters) – Lotus Technology, a model new unit of China’s Geely set up to develop the experience to power Lotus sports activities actions autos, is planning to raise $400 million to $500 million sooner than the highest of this 12 months, its chief financial officer suggested Reuters.
Lotus Technology, part of Group Lotus which is in flip owned collectively by the Chinese automaker and Malaysia’s Etika Automotive, intends to kick off the funding spherical sooner than Christmas, Alexious Lee said in an interview.
That will give Lotus Technology a put up-cash valuation – price of a company after a spherical of financing from exterior patrons – of $5 billion to $6 billion, Lee added.
Lee said the company will launch its first product – {an electrical} sports activities actions utility automotive – in the …