Lotus Technology, the global technology subsidiary within the Lotus Group has completed fundraising that has valued the company at nearly US$4.5 billion (RM20.56 billion), said the company as reported by Reuters.

Parent firm, Lotus Group was previously aiming to float the Lotus Technology division that would value it at 5 billion to 6 billion pounds sterling, or RM28.5 billion to RM34.2 billion at the time. Lotus Technology confirmed to Reuters that this was the same round of fundraising, however it did not disclose the amount that was raised, or the investors that took part.

Lotus Technology will be responsible for the brand’s new wave of electric models, including the Eletre fully electric SUV that will be produced at a Geely plant in Wuhan, China; according to Reuters, production of the Eletre will commence by the end of this year.

Production of the Lotus Eletre will commence in Wuhan, China this year

Lotus Cars is 51% owned by Geely while the remaining 49% is owned by Etika Automotive, a subsidiary of Etika Strategy that is owned by Tan Sri Syed Mokhtar Al-Bukhary who has control of DRB-Hicom. Etika has a 30% stake in Lotus Technology.

The Zhejiang Geely Group completed the transaction for its majority stake in Lotus in 2017, following the decision by DRB-Hicom to sell Lotus entirely for 100 million pounds sterling (RM556 million) at the time.