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Lotus Technology has just completed a fundraising round that estimates the technology arm of the sports car maker at nearly $4.5 billion.
While the company has not disclosed how much money it raised nor has it named the investors who participated, Reuters reported last year that Lotus Technology was aiming to raise between $400 million and $500 million in a move that would have valued it at between $5 billion and $6 billion.
Lotus says it will use the proceeds to develop global distribution networks and product innovation.
The flagship new model from the Lotus brand is certainly the 2024 Eletre, which was unveiled at the end of March as the first in a series of three lifestyle EVs that will transform the brand now owned by Geely.
Also read: Lotus aims to sell 100,000 cars annually by 2028
The Eletre uses a new EV platform that will form the basis for other Lotus models and includes 800-volt technology. While Lotus has yet to reveal many key details about the SUV, it’s clear that it will have a battery pack of over 100 kWh and should be good for 373 miles (600 km) of range on a single charge. In addition, Lotus promises that a full charge only takes 18 minutes.
The first variant of the Eletre to hit the market will do so with a pair of electric motors that together deliver 592 horsepower, enabling it to reach 100 km/h in less than 3 seconds and reach a top speed of 160. mph (257 kph). Two other power ratings will be offered to customers, one of which is expected to deliver around 690 horsepower.
Following on from the Eletre, a fully electric four-door coupé will be launched, designed to beat the Tesla Model S and Porsche Taycan. This model is currently codenamed Type 133 and will be followed by a Porsche Macan competitor mid-decade.
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