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British sports car marque Lotus eyes IPO as it seeks to extend Chinese parent Geely’s EV empire
- British carmaker hopes to float shares in two years
- Company has ambitions of selling 100,000 vehicles globally in 2028, an about 60-fold increase over last year
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Lotus, the British sports car brand majority owned by China’s Zhejiang Geely Holding Group, is in early discussions about a stock market listing with the idea of raising fresh capital for global expansion and electric vehicle (EV) development.
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The carmaker hopes to float initial public offering (IPO) shares in two years. It has ambitions of selling 100,000 vehicles globally in 2028, which would represent an about 60-fold increase over last year, when it delivered 1,710 cars, the Financial Times reported, citing Matt Windle, the managing director of Lotus’s sports car division.
In 2017, Geely agreed to acquire a 49.9 per cent stake in struggling Malaysian carmaker Proton, which also gave it control over Lotus. Last year, the British marque split its business into two divisions: one based in Norfolk making sports cars; and the other, Lotus Technology, making lifestyle electric sport-utility vehicles (SUVs) in Wuhan, in China’s central Hubei province.
Lotus Technology plans to launch four smart EVs in the next five years. This year, it will launch an electric SUV code-named Type 132. Next year, it plans to debut the Type 133, an electric four-door coupe.
“Geely is adamant in enforcing its multi-brand strategy,” said Chen Jinzhu, CEO of Shanghai Mingliang Auto Service. “In the Chinese market, car buyers are interested to know details about its new pure-electric cars.”
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