(London) The emblematic English sports car manufacturer Lotus is considering an IPO to finance huge growth targets and its investments in electrics, according to the British press on Monday.
Posted at 7:27
The introduction to “several billion pounds” would “probably” take place on the Shanghai Stock Exchange next year, but the places of New York and London would not have been excluded by the Chinese Geely, which owns a majority Lotus since 2017, ensures The Times.
Lotus announced last month that it had achieved its best sales in ten years in 2021, with 1,710 new cars sold. The group is aiming for ultra-rapid growth in its production, relying in particular on all-electric models made in China.
It thus plans to sell 100,000 vehicles by 2028 thanks to a new division based in Wuhan (central China) which will notably make electric SUVs, according to the Financial Times, which quotes Matt Windle, general manager of the brand. It is this company that would be the subject of the IPO.
Contacted by AFP, Geely said it would not comment and Lotus did not immediately respond.
The Lotus group had launched in August a subsidiary based in Wuhan to “accelerate innovation” in batteries, electric motors or even “intelligent driving” and built a factory in this city which should reach an annual production capacity of 150 000 vehicles.
The brand had detailed on this occasion its forecasts for four new electric cars: a first SUV for 2022, a four-door coupe for 2023, another SUV in 2025 before a new sports car in 2026.
These models will join the Evija, the brand’s first all-electric car, and its latest petrol-powered car, the Emira, launched this year. The manufacturer stopped production of its emblematic Elise, Exige and Evora last year.
Lotus announced at the end of January a collaboration agreement with Britishvolt, a company which plans a mega-factory of battery cells for electric vehicles in the northeast of England.
And the company had signed an agreement in early 2021 with Alpine, the sports branch of French Renault, to partner in the development of all-electric sports cars.
Volvo Cars, owned by Chinese Geely, entered the Stockholm Stock Exchange last October. Volvo and Geely are also due to list their joint electric brand, Polestar, on the stock market in 2022.