UK-based sports carmaker Lotus plans to invest about £2bn ($2.8bn) to increase its worldwide production from 1,500 units per year to more than 10,000 cars annually. The company also plans to have only electric vehicles (EVs) in its line-up by 2028.
Matt Windle, managing director, reported to the media on Tuesday that the expansion includes setting up a new plant in Wuhan, China. The company is yet to disclose new capacity estimates and production schedules.
Lotus is also set to launch its last combustion engine model Emira in July 2021. Its electric hypercar, Evija, is slated to hit assembly lines later this year with a limited production of 130 units.
The company is partly owned by China’s Geely and Malaysia’s Etika Automotive with a stake of 51pc and 49pc, respectively.