Car manufacturer Group Lotus has launched a subsidiary, Lotus Technology, to advance electric vehicle (EV) technology – building its headquarters in Wuhan, China.
Lotus Technology aims to accelerate innovation in batteries, energy management, electric motors and more, as the company looks to begin making EVs.
The new £900 million EV base is set to be completed in 2024, with its debut electric SUV to be released next year, followed by a coupe in 2023. Lotus has also pledged to charge up what it is renowned for, sports cars, with the first electric one expected to land in 2026.
Lotus has stated the plant will ramp up production to 150,000 vehicles per year.
Feng Qingfeng, CEO, Group Lotus, commented: “This is an important day in the transformation of the Lotus business and brand. Lotus Technology will accelerate the innovation which has always been at the heart of the business.
“Together, the China and UK teams will empower our journey towards an expanded, intelligent and electric future, achieving the ambitions and goals that have been in the making for 73 years of the Lotus brand.”