Lotus has grand ambitions to transform itself into the next Porsche, and for that to happen it will need more cash.

    Sources have told Bloomberg the sports car maker has completed a pre-Series A funding round, and the new investment reportedly values Lotus at 15 billion yuan ($3.2 billion).

    Nio, a Shanghai-based EV maker, is said to be the lead investor for this funding round.

    Malaysian conglomerate DRB-Hicom sold Lotus to Geely and Etika Automotive — a firm controlled by DRB-Hicom’s CEO — for £100 million ($190 million) in 2017.

    At present, Geely — owner of Volvo and Polestar — has a controlling 51 per cent stake in Lotus, with Etika holding the balance.

    It’s unclear how this funding round will change Geely and Etika’s shareholdings.

    In July, Lotus unveiled the Emira, powered by either a supercharged Toyota V6 or an AMG four-cylinder, it will be the company’s last-ever non-electric car.

    When the Emira exits production, probably around 2030, Lotus will have a completely electric lineup.

    It has already unveiled its first EV, the Evija hypercar.

    The company is also developing new “lifestyle vehicles”, including an electric crossover, and a new mainstream electric sports car platform, which will also be used by Alpine.

    MORE: Which brands are going fully electric and by when?
    MORE: Which brand owns which, and how did we get here?
    MORE: The Geely empire: What do Volvo, Polestar and Lotus have in common?

    Derek Fung

    Derek Fung would love to tell you about his multiple degrees, but he's too busy writing up some news right now. In his spare time Derek loves chasing automotive rabbits down the hole. Based in New York, New York, Derek loves to travel and is very much a window not an aisle person.

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