Lotus Engineering, the technological know-how arm of athletics motor vehicle brand name Lotus, claimed on Wednesday it had accomplished a fundraising that valued the small business at just about $4.5 billion.

The unit, aspect of Group Lotus which is in flip owned jointly by Chinese automaker Geely and Malaysia’s Etika Automotive, explained it would use the proceeds for solution innovation and building international distribution networks.

Reuters described in 2021 that Lotus Technologies was on the lookout to elevate $400 million to $500 million by the conclude of that year, with a article-cash valuation of $5 billion to $6 billion.

Lotus Engineering confirmed on Wednesday it was the exact same spherical of fundraising but didn’t disclose the sum elevated or taking part traders.

Lotus strategies to commence manufacturing of its very first electrical SUV by the conclude of this 12 months and start deliveries in early 2023.

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