Sports car maker Lotus to invest £2bn as it pushes to go all-electric by 2028
British sports car maker Lotus will invest more than £2 billion ($2.8bn) in new technology and in massively expanding production of its sports car models.
It also hopes to switch to selling only electric cars by 2028.
The company, which is based in Hethel, England, said its owners, Chinese company Geely and Malaysia’s Etika Automotive, will provide the financial muscle to enable it to ramp up production from an average of 1,500 cars a year to tens of thousands worldwide.
The vehicles will be sold at dealerships or online.
Those investment plans include a new Lotus plant in the Chinese city of Wuhan.
Managing director Matt Windle said on Tuesday that Geely’s backing allowed Lotus to invest in a new automated paint shop for its UK plant. It also used the Chinese company’s relationships with suppliers to secure better prices.
Lotus plans to launch its last combustion-engine model, the Emira, in July. The company’s sports cars sell for between £45,000 and £100,000 and Mr Windle said Lotus will stick within that price range as it expands.
“This really is a new era for us,” said Mr Windle. “Not only will it be accessible in terms of price point, but our quality is going to take a huge leap forward as well.”
When asked exactly how much Lotus will invest, he said “more than £2bn”.
Mr Windle said the car maker aims to be all electric by 2028 – when it turns 80 – although the exact date may depend on the Emira’s popularity.
He said Lotus’s first electric sports car will be released by 2028, but the timing depends on cutting the vehicle’s weight.
Batteries are very heavy and premium car makers such as McLaren are wrestling with how to reduce a vehicle’s weight without losing sports car performance.
Lotus also said the Evija, its first pure electric “hyper car”, will go into production later this year.
The Evija will have a limited production run of 130 cars and sell for about £2m each.