Lotus launches electric GT model as mass expansion plan rolls on

Lotus Technology

07/09/2023 23:00

By Nick Carey
       Sept 7 (Reuters) - Lotus unveiled a fully-electric grand
tourer (GT) sports car in New York on Thursday, the latest step
in the British-based carmaker's plans to go from a niche storied
brand to a mass manufacturer with sales of 150,000 cars a year
by 2028.
    The Emeya will start production in 2024 at a factory in
Wuhan, China run by Chinese automaker Geely  0175.HK , which
jointly owns Lotus with Malaysia's Etika Automotive. 
    The GT should have a range of just under 400 miles and have
a price roughly comparable to Lotus' Eletre SUV model, which
started production this year and ranges in price from 90,000
pounds  ($112,300) to 130,000 pounds, Chief Commercial Officer
Mike Johnstone told Reuters.
    A GT has luxury features to make it more comfortable for
long-distance driving. 
    The Emeya has a top speed of 155 miles (250 km) per hour.
With fast-charging capability it can add 93 miles of range in
five minutes.
    Johnstone said with Emeya, Lotus is targeting people
"looking for something different in an electrified GT-style
sports car."
    "We expect, as we've already seen with Eletre, to see a
number of people come over from German brands," Johnstone added.
"We're already seeing people come over from Tesla as well."
    Since its founding in 1948, Lotus typically made 5,000 cars
a year, but funded by Geely and Etika, the company has planned a
massive expansion.
    Lotus Technology, which includes Lotus Cars, is also due to
go public this year via a merger with special purpose
acquisition company L Catterton Asia Acquisition Corp  LCAA.O . 
    Johnstone said that public listing remains on track. 
    Geely has a sprawling carmaking empire and has listed parts
of Volvo Cars, including Polestar  PSNY.O . Its premium Chinese
luxury brand Zeekr is talking to investors about a possible
initial public offering. 
    Geely also plans to turn the London Electric Vehicle
Company, which makes iconic black taxis, into a high-volume,
all-electric brand. 

    
    


($1 = 0.8014 pounds)

 (Reporting By Nick Carey; Editing by Susan Fenton)
 ((nick.carey@thomsonreuters.com; +44 7385 414 954;))