The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans. Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk. The bulk of the vehicles built were the Emira sports car, the first new Lotus product since the…
Tag: Motoring
Battery power: how China could take charge of the electric vehicle market
If you bought an electric vehicle in the UK this year, there’s a good chance it was an MG4. The fully electric hatchback, which launched in 2022, sold 5,200 units in the first three months of this year, the second-best selling EV behind Tesla’s Model Y. With prices starting at about £27,000, it is also substantially cheaper than the Tesla at £45,000. And while MG is one of Britain’s most famous car brands – with a century of carmaking in Birmingham until MG Rover’s 2005 collapse – the secret to…
Chinese owner of Lotus Technology to list a stake in US via blank cheque firm
The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world’s richest man. China’s Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault. The Nasdaq listing is expected to value the business…
China takes great leap forward in Australia’s car market with EVs leading the charge
China is rapidly becoming one of the largest sources of new cars for Australian buyers with Chinese carmakers’ increasing dominance of electric vehicle sales in their home market potentially accelerating the transition off fossil-fuel powered transport. In 2022, sales of Chinese-made vehicles in Australia totalled 122,845 units, a 61.1% increase on the previous year, according to Federal Chamber of Automotive Industries data. In December, imports from China were more than double a year earlier. The increase made China the fourth-largest import source, narrowing the gap with larger rivals. Cars sourced…