Lotus announces its last petrol sportscar as it shifts focus towards EV

By Nikita Chaurasia  Date: 2021-07-08

Lotus announces its last petrol sportscar as it shifts focus towards EV

British sports car company Lotus recently introduced its last petrol car, affirming its goal of becoming all-electric by the end of the decade and a bigger automaker.

Lotus and its Chinese owner Geely aim to transform the small company that presently manufactures around 1500 sports cars yearly into an electric powerhouse that can produce tens of thousands of top-tier saloons and sports-utility vehicles (SUVs).

Lotus Managing Director Matt Windle mentioned that they know that they need to increase the revenues and the sports car segment is limited. So, they are expecting to provide many Lotus products across the range for different people, he added.

The expansion plan is similar to that of Volkswagen-owned sports car brand Porsche, which has grown significantly after the introducing the Cayenne SUV in 2002. Porsche sold over 90000 Cayennes last year, which became its best seller with over three times more sales than its most popular car, the 911.

The Lotus project is commencing with the Emira, which was first showcased at its Hethel factory at an old air force base in eastern England where it intends to manufacture over 4800 sports cars a year, with capacity for more in case of high demand.

Staring at around USD 83000, The Emira is Lotus’s first new petrol model in over a decade but it will be the automaker’s last fossil fuel-powered car. 

For the record, Geely acquired a 51% stake in Lotus in 2017, bringing an end to the company’s long financial struggle under several previous owners that had made it postpone its new model launches.

Lotus now belongs to the expanding business for the Chinese automaker, which also owns Sweden’s Volvo Cars, and its largest shareholder in Germany's Daimler.

Geely and Malaysia's Etika Automotive are investing over USD 2 billion to expand its production, comprising a new plant in Wuhan where the first new models of Lotus will be built, cited sources close to the matter.

Source Credits –

https://money.usnews.com/investing/news/articles/2021-07-06/unveiling-its-last-petrol-car-lotus-sets-off-in-pursuit-of-porsche

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

CDC updates guidelines, calls for vaccinated people to mask up

CDC updates guidelines, calls for vaccinated people to mask up

By Nikita Chaurasia

The Centers for Disease Control and Prevention issued new guidelines suggesting that people who are vaccinated against Covid-19 wear masks in public as well as indoor areas where the rate of the disease is high. The CDC also stated that teachers, sta...

iPhone’s hot streak could be hampered by global chip shortage crisis

iPhone’s hot streak could be hampered by global chip shortage crisis

By Nikita Chaurasia

Apple Inc. recently stated that the global chip shortage that has affected the sales of Macs and iPads, will now hit iPhone production and the expected revenue growth is likely to decelerate. This has resulted in lowering Apple’s shares. The c...

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

By Nikita Chaurasia

American electric vehicle maker Rivian Automotive LLC reportedly secured USD 2.5 billion in a funding round led by Amazon.com Inc, T. Rowe Price, D1 Capital Partners, and Ford Motor Co. In addition, the event also saw participation from Fidelity Man...

ICEA forms committee chaired by HP India MD to boost IT hardware sector

ICEA forms committee chaired by HP India MD to boost IT hardware sector

By Nikita Chaurasia

The India Cellular & Electronics Association (ICEA) recently announced the formation of a committee to promote manufacturing and exports of the IT hardware sector. The panel headed by Ketan Patel, HP India’s Managing Director, will set up a...

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

By Nikita Chaurasia

Amazon is reportedly planning to discontinue on-site Coronavirus testing for its warehouse employees in the United States. The retail giant confirmed slowing down the testing by 30th July and will only resume after receiving new guidelines change fro...