Lotus vehicle production hits record high ahead of Nasdaq float
Lotus vehicle production hits record high ahead of Nasdaq float
- Lotus produced 2,200 vehicles in the first six months of 2023
- Customer deliveries for Lotus’ electric SUV began in China at the end of March
Britain’s Lotus Cars produced a record number of new sports vehicles in the first half of the year, as the automaker gears up for an initial public offering in New York.
Under its Chinese owners, Geely, the group is also ramping up production and sales of a new electric SUV this year.
Lotus produced 2,200 vehicles at its Norfolk factory, which is in a former second world war bomber factory, in the first six months of 2023.
Order boom: Lotus’ order book grew to 17,000 vehicles worldwide in the first half, with the Eletre S, pictured, proving popular
Its order book grew to 17,000 vehicles worldwide for the Eletre, Lotus’ first electric ‘lifestyle hyper-SUV’, and Emira, a mid-engine sports car.
The bulk of the vehicles built during the period were the Emira sports car.
Lotus produced over 2,200 Emiras in its UK sportscar manufacturing facility, representing a 381 per cent increase from last year.
The Emira was the first new car launched by Lotus since Chinese-owned Geely snapped up a 51 per cent stake in the business in 2017.
Customer deliveries for Lotus’ electric SUV began in China at the end of March, and the carmaker expects to deliver to UK and European customers later this summer.
Strike a pose: Roger Moore poses with co-star Barbara Bach and a Lotus Esprit for the 1977 James Bond film, The Spy Who Loved Me
Classic: The 1980 Lotus Turbo Esprit from the James Bond film, For Your Eyes Only
Feng Qingfeng, the boss of Lotus Group, said: ‘We set an ambitious goal in 2018, with the launch of our Vision80 strategy to transform the business from a traditional automotive brand to become an all-electric, luxury, mobility provider in ten years.
‘We have spent the last few years laying the foundations for success and today’s announcement demonstrates that Lotus is no longer the same business that it has been in previous years.
‘We are firmly on track to becoming a global performance brand by 2028.’
In an update statement, Lotus added: ‘Lotus plans to further ramp up production and sales for the second half of the year and expects the full year to surpass all previous years.’
Lotus, which marked its 75th anniversary this year, expanded its global retail network to 193 stores in the first half, opening 24 new outlets.
The group also expanded into into South Korea, one of the biggest luxury car markets in the world, where Lotus has a partnership to sell Lotus motors with regional automotive retailer, Kolon Mobility Group.
Geely has ploughed around £3billion into Lotus ahead of the planned listing of its electric car business on New York Nasdaq’s stock exchange.
Rather than opt for an initial public offering, it will float via a merger with a special purpose acquisition company, backed by LVMH, the luxury goods group controlled by billionaire Bernard Arnault.