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Lotus Bets Big On Its New EV Division

Lotus may be best known for lightweight sports cars, but it’s betting big on its forthcoming electric SUV – currently known as the ‘Type 132’ – due in 2023, and it’s even looking to float its new EV division on the stock market.

Lotus has been owned by Geely since 2017, a Chinese company which also owns Volvo Cars and Polestar (as well as the London EV Company, or LEVC – manufacturer of the electric range-extended London black cab, Lync & Co and Proton).

The new EV division, Lotus Technology, will be based in China. Lotus believes that the EV division will be valued at around £5-6 billion. The potential stock market flotation won’t include Lotus Cars (the sports car business).

Lotus says it will sell 100,000 cars per year by 2028, and 90,000 will be electric saloons and SUVs produced by Lotus Technology. After the initial Lotus electric SUV there are plans for an electric saloon and then a smaller electric SUV. All will be built in China.

The first electric model from Lotus is the Evija hypercar, which is claimed to have the most power-dense electric powertrain of any car, as well as acceleration matching that of a Formula One car.

Headline figures for the Evija are as follows:

  • Target power output of 2,000 PS, and 1,700 Nm of torque, which would make it the world’s most powerful series production road car
  • A target 0-62mph time of less than three seconds
  • A top speed over 200mph
  • Pure electric driving range target of 250 miles.
  • The battery has the ability to accept an 800kW charge – when charging units capable of delivering this are commercially available, it will be possible to fully replenish the battery in just nine minutes.

In Lotus tradition, the ultra-lightweight carbon fibre monocoque makes it the world’s lightest production EV hypercar, at 1,680kg. If you’re in the market for a Lotus Evija you should be aware that production is due to be limited to just 130 cars and there’s a £1.7 million price tag.