Lotus launches electric GT model as mass expansion plan rolls on

Lotus launches electric GT model as mass expansion plan rolls on

Business

The Emeya will start production in 2024 at a factory in Wuhan, China

(Reuters) - Lotus unveiled a fully-electric grand tourer (GT) sports car in New York on Thursday, the latest step in the British-based carmaker's plans to go from a niche storied brand to a mass manufacturer with sales of 150,000 cars a year by 2028.

The Emeya will start production in 2024 at a factory in Wuhan, China run by Chinese automaker Geely which jointly owns Lotus with Malaysia's Etika Automotive.

The GT should have a range of just under 400 miles and have a price roughly comparable to Lotus' Eletre SUV model, which started production this year and ranges in price from 90,000 pounds ($112,300) to 130,000 pounds, Chief Commercial Officer Mike Johnstone told Reuters.

A GT has luxury features to make it more comfortable for long-distance driving.

The Emeya has a top speed of 155 miles (250 km) per hour. With fast-charging capability it can add 93 miles of range in five minutes.

Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car."

"We expect, as we've already seen with Eletre, to see a number of people come over from German brands," Johnstone added. "We're already seeing people come over from Tesla as well."

Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion.

Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O).

Johnstone said that public listing remains on track.

Geely has a sprawling carmaking empire and has listed parts of Volvo Cars, including Polestar . Its premium Chinese luxury brand Zeekr is talking to investors about a possible initial public offering.

Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.