• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 8, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech Automobiles

British sportscar maker Lotus plans to expand in China

by Meghana Kandra
September 8, 2021
in Automobiles, Cars, Electric Vehicles, Manufacturing
Reading Time: 2 mins read
0
British sportscar maker Lotus plans to expand in China
TwitterWhatsappLinkedin

The British Sportscar maker announces its plans to expand its global presence by entering the Chinese market. By 2024, Lotus will have 70 showrooms in China along with a factory production in Wuhan starting next year. The move it to compete with its rival company, Porsche.

You might also like

Vaibhav Taneja: The Indian-Origin Tesla CFO Chosen by Elon Musk as Treasurer for America Party

Tesla Robotaxi Scrapes Parked Car in Austin Amid Early Challenges of Self-Driving Rollout

Mercedes CLA EV Defies Critics With Soaring Demand and Production Boost

Lotus to start production in China under new owner Geely | Financial Times
Image credits- Financial Times

In the pandemic as regular vehicles have gone down due to less need of transportation. There is increasing demand for luxury cars because the pandemic left customers with more money to spend.  Lotus is owned by the Chinese firm Gleey and Malaysia’s Etika Automotive. As the production starts in Wuhan next year,  the factory will be able to produce 2,000 compact SUVs every year initially. By 2023, they plan to produce 20,000 cars per year. Currently, the plant is under construction.

The cars produced will be under a similar segment as Porsche and a little above BMW and Audi. Last year, Porsche was able to sell 88,968 cars in China as its Macan compact sports utility vehicle was in demand.

Nest year Lotus is set to launch 20 showrooms in China targeting the main cities like Beijing and Shanghai. Later by 2023 or 2024, the network will be further expanded to include other cities like eastern Suzhou and Ningbo.

Lotus in Wuhan

Lotus is famous for its vehicle, the Lotus Esprit. Popularly known as the vehicle driven by James Bond in the 1977’s in the movie, “The Spy Who Loved Me”. Currently, the vehicle has 4 showrooms in China. Interestingly Lotus’s Wuhan-based technology is receiving an investment from an investment firm founded by Chinese electric car maker Nio. The undisclosed funding comes from Nio Capital. But the technology is valued to be 15 billion yuan ($2.32 billion).

As part of its future plans, Lotus is also considering a public offering in New York, London, or Hong Kong. Once the production starts in Wuhan by 2023, the company plans to go public.

Knowing the competition

Meanwhile, Porsche is expanding its market in Asia. A research and development center in Asia, with a production plant in Malaysia the company is set to localize outside of the European market. The Chinese R&D center is made to ensure that the cars are relevant to their markets.

Already Porsche has its headquarters in Shanghai, a 24 million metropolis. On the mainland, the luxury sports car maker has 136 sales outlets. It has further plans to include Porsche digital and also install charging networks as an electric line-up is coming up. Porsche is a tough competition for Lotus, and in coming years as electric vehicles are newly being developed, it is too early to say which would win the race.

 

 

Tags: AudiBMWLotusLotus ChinaNioNio CapitalPorscheShanghai
Tweet54SendShare15
Previous Post

Hyundayi Motors to have all vehicles powered by Hydrogen by 2028

Next Post

Amazon UK arm paid just £3.8 million in tax in 2020

Meghana Kandra

Meghana studied PGD in Journalism, open university. She has more than five years of experience in content writing, from creative content development to online journalism. Electric vehicle enthusiast, engineer, and feminist.

Recommended For You

Vaibhav Taneja: The Indian-Origin Tesla CFO Chosen by Elon Musk as Treasurer for America Party

by Rounak Majumdar
July 7, 2025
0
Vaibhav Taneja: The Indian-Origin Tesla CFO Chosen by Elon Musk as Treasurer for America Party

Vaibhav Taneja’s story is a testament to the power of discipline and expertise quietly shaping global boardrooms. Born and raised in Delhi in 1977, Taneja’s academic path began...

Read more

Tesla Robotaxi Scrapes Parked Car in Austin Amid Early Challenges of Self-Driving Rollout

by Harikrishnan A
July 7, 2025
0
Tesla Owner Burns Down Car and House After Plugging Directly Into Power Line

Tesla's much-anticipated robotaxi program in Austin, Texas, has hit a minor bump—literally. Just two weeks after launching the self-driving service in the city, one of Tesla's autonomous Model...

Read more

Mercedes CLA EV Defies Critics With Soaring Demand and Production Boost

by Samir Gautam
July 5, 2025
0
Mercedes CLA EV Electric sedan demand Three-shift production CLA Shooting Brake Mild-hybrid CLA

The internet may have been less than welcoming to the new Mercedes-Benz CLA, but the market is telling a different story. The German automaker is reporting unexpectedly high...

Read more
Next Post
A person poses with a smartphone showing an Amazon logo, in front of a computer screen displaying the home page of Amazon website

Amazon UK arm paid just £3.8 million in tax in 2020

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?