Reuters broke the news that 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 $500 million before the end of this year. In an exclusive interview with Reuters, Lotus Technology’s Alexious Lee said the fundraising would give it a valuation of $5 billion to $6 billion, as the company aims to launch its first product – an electric sports utility vehicle – in the first quarter of next year.
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