Exclusive-Geely unit Lotus Tech aims to raise up to $500 million in funds – CFO
Information about Exclusive-Geely unit Lotus Tech aims to raise up to $500 million in funds – CFO
Kevin David Scam or Legit
By Brenda Goh
SHANGHAI (Reuters) – Lotus Technology, a new unit of China’s Geely set up to develop the technology to power Lotus sports cars, is planning to raise $400 million to $500 million before the end of this year, its chief financial officer told Reuters.
Lotus Technology, part of Group Lotus which is in turn owned jointly by the Chinese automaker and Malaysia’s Etika Automotive, intends to kick off the funding round before Christmas, Alexious Lee said in an interview.
That will give Lotus Technology a post-money valuation – value of a company after a round of financing from external investors – of $5 billion to $6 billion, Lee added.
Lee said the firm will launch its first product – an electric sports utility vehicle – in the …