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Lotus raises £74m for EV push

City AM logo City AM 03/07/2022 Ilaria Grasso Macola

Luxury marquee Lotus Cars has raised £74m for its electric vehicle (EV) push.

The Norwich-based car maker secured £50m in borrowings from Santander, while its Chinese and Malaysian owners Geely and Etika chipped in with a £24m loan.

The backing will enable Lotus to transition to EVs, developing a prototype to base all models on from 2026, the Sunday Times first reported.

Following a “year of transition” in which it reported a 28 per cent revenue increase on 2020 levels but posted a loss of £88m, Lotus said it will begin manufacturing its all-electric models, Evija and Electric, from next year.

The production of sports cars will remain in Norfolk with a yearly target of 10,000 vehicles while SUVs will be built in China.

Gallery: The first cars of the world's most famous car makers (Autocar)

Lotus is the latest automotive maker to ramp up EV production ahead of government deadlines on phasing out petrol and diesel cars.

The UK announced late last year it will ban the sale of new fuel cars from 2030, with the EU set to follow suit, as the EU Council agreed on Thursday to implement the ban from 2035.

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