Geely Sports Car Brand Lotus Plans for IPO

According to a report by Bloomberg on Monday, Lotus spokesman James Andrew said that the firm is focusing on the research and development of its electric vehicles, and is currently evaluating a possible listing in the United States, Hong Kong and other regions, but its specific financing scale and valuation have not been determined. The sports car brand Lotus, which is owned by Chinese auto giant Geely, plans to build a custom-made factory in China, Sina Motor said on Tuesday.

According to the Financial Times, senior executives of the company revealed that the main purpose of a listing is to raise funds to achieve the goal of 100-fold sales growth in the next six years.

According to public information, Lotus is a globally recognized manufacturer of sports cars and racing cars. Zhejiang Geely Holding Group (Geely Holding) acquired part equity of Lotus in 2017. Geely Holding owns 51% of the company, while Malaysia’s Etika Automotive owns the remaining stake.

On August 31, 2021, the company held an online inauguration ceremony and settled in the Wuhan Economic and Technological Development Zone. At the same time, it started the construction of the Lotus global headquarters, while its previous headquarters in Norfolk, England focused on the traditional sports car.

At the same time, the company also released a electric product plan for the next five years, covering an E-class SUV, a four-door coupe and an electric car, laying out track-level intelligent driving, building ultra-high-end electric smart vehicles for the global market, which will empower the company to transform towards electrification and intelligence.

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Last week, the company showed the London financial community and dealers its forthcoming Type 132 electric SUV, developed by the company and to be produced in Wuhan.