Lotus Technology, a new unit of China's Geely, set up to develop the technology to power Lotus sports cars, is planning to raise $400 million to $500m before the end of this year, its chief financial officer told Reuters.
Lotus Technology, part of Group Lotus which is in turn owned jointly by the Chinese automaker and Malaysia's Etika Automotive, intends to kick off the funding round before Christmas, Alexious Lee said.
That will give Lotus Technology a post-money valuation – value of a company after a round of financing from external investors – of $5 billion to $6bn, Mr Lee added.
Mr Lee said the firm will launch its first product – an electric sports utility vehicle – in the first quarter of next year and aims to have three models within the next five years.
"We have gotten a lot of traction especially from international investors, because wow, this is Lotus," said Mr Lee, adding that the company was looking to sell a 10 per cent to 15 per cent stake.
The company will spend more than half the new funds on research, and 30 per cent to 40 per cent on marketing with the remainder going to working capital.
Mr Lee said Lotus Technology remained on track for a potential initial public offering as soon as 2023, likely in New York or Hong Kong.
chief financial officer of Lotus Technology
Lotus Cars, the maker of the Lotus Esprit, famously driven by James Bond in 1977's The Spy Who Loved Me, positions its vehicles in a segment similar to rival Porsche. It is set to open a new factory in Wuhan, China, next year.
"We are an asset-light business because we don't own our own manufacturing. It's owned by our parent," said Mr Lee.
Premium and luxury car sales are growing in China as coronavirus pandemic travel restrictions leave consumers in the world's biggest car market with more money to spend.
Lotus Tech's investors include Nio Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio, which valued the unit at 15bn yuan ($2.35bn) in September.
More on animal trafficking
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
more from Janine di Giovanni
While you're here
Kareem Shaheen: Even a pandemic could not unite today's America
Michele Wucker: The difference between a black swan and a grey rhino
Robert Matthews: Has flawed science and rushed research failed us?
You might also like
Dengue%20fever%20symptoms
While you're here
The National editorial: Turkey's soft power weighs heavy on Europe's Muslims
Con Coughlin: How extremists use Zoom and other tools to exploit pandemic
Nicky Harley: Peace TV preacher Zakir Naik prompts UK hate laws review
While you're here
Thomas Harding: Johnson and Biden on collision course over Northern Ireland
Thomas Harding: Biden victory will rejuvenate America's relations with Europe
Gavin Esler: Can the world continue to trust Britain after move to break law?
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Turkish Ladies
Various artists, Sony Music Turkey
HWJN
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
While you're here
National Editorial: World trade has started to look inwards
Callum Patton: ‘Arrival of Asian century’ has eclipsed US
Robin Mills: Importance of China's energy markets clearer
THE%C2%A0SPECS
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The%20new%20Turing%20Test
While you're here
National Editorial: What 'Fight Island' means for Abu Dhabi and the world
National Editorial: The UAE looks to cycling for exercise and for the planet
Gareth Cox: Sporting week in pictures, as Covid-19 makes its presence felt
Non-oil%20trade
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
As it stands in Pool A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
