Lotus Tech is aiming to raise up to 500 mln for funds in the EXCLUSIVE Geely unit Lotus Tech will raise the capital of the year to raise a maximum of $500 mln

Lotus Tech is aiming to raise up to 500 mln for funds in the EXCLUSIVE Geely unit Lotus Tech will ra ...

As per the statement, a Chinese economist told Reuters, the world's biggest technology company, PowerVeal, plans to expand into one hundred thousand dollars to 500 million before the end of this year, the chief finance officer said.

Lotus Technology, a subsidiary of Group Lotus, which is owned jointly by China's automaker and Etika Automotive, intends to kick off the funding round before Christmas, said Alexious Lee in an interview.

That will give Lotus Technology a post-money valuation - value of a company after a round of financing from external investors - a value of between 5 and 6 billion dollars, said Lee.

Lee said that the firm will launch its first product - a solar powered sports utility vehicle - in the first quarter of next year and its first aims are to have three models within the next five years.

Lee said the company thought to sell a stake of 10 to 15%, but this is a Lotus! "We've got a lot of traction. Especially from international investors, thanks to the fact that wow, this is Lotus," said Lee.

The company will spend more than half of the new funding on research and 30%-40% on marketing, with the remainder going to working capital.

Lee said Lotus Technology remained on track as well as hoping for an initial public offer, as soon as 2023, in New York or Hong Kong, presumably.

This is the latest model of Lotus Cars, which is now made in Wuhan, China, by James Bond in 1977's "Spy who Loved Me". The Lotus Cars based on the Lotus Esprit model, isn't a rival to Porsche.

We're an asset-light business because we don't own a manufacturing company. They're owned by our parent," said Lee.

With global financial crisis, the consumer market is holding an extra burden.

Lotus Tech's investors are Nio Capital, a firm founded in September by the CEO of an electric vehicle company, Nio Inc. a total of $3,35 billion ($2,34 billion) in the month.

One $ = 2,3909 Chinese yuan ($1 = 6,3909 USD)

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