Lotus sports car group eyes stock market float

[LONDON] Chinese-owned sports car maker Lotus is exploring plans for a stock market float to fund its global expansion and invest more in electric vehicles, the group said Monday.

"We are considering" an initial public offering that would occur "in a window of 12 to 24 months" to raise several billion dollars, UK-based Lotus told AFP, confirming media reports.

The IPO could take place in Hong Kong, London or New York; the total amount has yet to be determined, it added.

The car manufacturer, majority owned by Chinese auto giant Geely, last week organised an international roadshow for investors and wealthy customers.

The news comes after Lotus revealed it had enjoyed the best annual sales for 10 years in 2021, selling some 1,710 new vehicles.

Lotus is now targeting ambitious sales of 100,000 vehicles per year by 2028, thanks partly to a new facility in Wuhan, central China, that will make electric SUVs.

Geely, which has owned a 51-per cent stake in Lotus Cars since 2017, wants to ramp up production, particularly in China.

Geely is also the largest shareholder in Volvo Cars and launched an IPO for the Swedish automaker last year.

AFP