jonwat Posted July 3, 2022 Report Share Posted July 3, 2022 Sunday July 03 2022, 12.01am, The Sunday Times Lotus Cars raises £74m in drive to go electric Luxury marque Lotus Cars has raised £74 million to fuel its transition to electric vehicles, as the Norfolk-based firm scraped back into profit. The sports car maker has tapped owners Geely of China and Malaysia’s Etika Automotive for a £24 million loan, while Santander has supplied a further £50 million in borrowings to “support the continued growth of the group”. The funding is primarily for Lotus’s switch to electric vehicles and the development of a new car body that will form the basis of models from 2026, including the cryptically named “Type 135”. According to its latest accounts, revenue at Lotus Group International climbed to £94 million in the year to December, from £73 million the year before, as it shipped 1,566 cars — a 30 per cent rise. Lotus swung back into the black with a pre-tax profit of £16 million, although this was flattered by a one-off licence payment of £104 million, which it earned from a spinout company called Lotus Technology that will produce Lotus-branded SUVs in China. Stripping out the gain, it made a loss of £88m. Lotus described 2021 as a “year of transition” as it launched the £60,000 Emira sports car — billed as its last vehicle with an internal combustion engine — and retired its Elise, Exige and Evora models. From next year, it will begin producing the all-electric Evija sports car and the Eletre SUV. It also plans to turn out a range of SUVs from a new facility in Wuhan, China, built in conjunction with Geely. And it aims to be making 100,000 vehicles a year by 2028, its 80th anniversary. Sports car production will stay in Norfolk, with a target of about 10,000 cars a year — much higher than Lotus has ever achieved in the past. 1 Quote Cheers, John W http://jonwatkins.co.uk Link to comment Share on other sites More sharing options...
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