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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Lotus launches electric GT model as mass expansion plan rolls on

British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S.,... British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. REUTERS/Caitlin Ochs
British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S.,... British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. REUTERS/Caitlin Ochs

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The British automaker Lotus introduced a completely electric grand tourer (GT) sports car on Thursday in New York, the next step in its aspirations to transform from a specialized brand with a historic history to a mainstream producer with sales of 150,000 vehicles annually by 2028.

The Geely (0175. HK) facility in Wuhan, China, jointly owns Lotus with Malaysia’s Etika Automotive and will begin producing the Emeya in 2024.
According to Chief Commercial Officer, Mike Johnstone of Lotus, the GT should have a driving range of around 400 miles and cost about as much as the Eletre SUV, which went into production this year and has a price range of 90,000 to 130,000 pounds.

A GT contains luxury amenities that make long-distance driving more pleasant.

The maximum speed of the Emeya is 250 kilometers per hour (155 mph). It can add 93 miles of range in five minutes when using quick charging.

With Emeya, according to Johnstone, Lotus aims to appeal to those “looking for something different in an electrified GT-style sports car.”
“We expect, as we’ve already seen with Eletre, to see a number of people come over from German brands,” Johnstone said. We have already seen several Tesla employees moving here.

Since its establishment in 1948, Lotus has produced an average of 5,000 vehicles per year, but thanks to funding from Geely and Etika, the business has big development plans.
This year, Lotus Technology, which comprises Lotus Cars, will combine with L Catterton Asia Acquisition Corp (LCAA.O), a business specializing in acquisitions, to become publicly traded.

According to Johnstone, the public listing is still on schedule.

Geely has a vast automotive empire and has listed Polestar and other Volvo Cars components. Zeekr, a high-end Chinese luxury brand, is discussing a potential initial public offering with investors.

Additionally, Geely intends to transform the legendary black cab manufacturer London Electric Vehicle Company into a high-volume, all-electric brand.


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