Lotus Cars Finishes Funding Round at $2 Billion Valuation
- Funding round said to value Lotus Technology at $2.3 billion
- Lotus owner Geely is weighing IPO of iconic sports-car maker
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Units of Lotus and electric-vehicle upstart Nio Inc. signed an investment pact as the Chinese owner of the iconic maker of British sports and racing cars seeks to transform it into an all-electric brand.
Lotus Technology and Nio will explore collaboration in areas including high-end intelligent EVs, according to a statement. The unit, which develops electric cars for the Lotus brand globally, broke ground on its global headquarters in Wuhan on Tuesday and plans to roll out a range of new models over the next five years.