SHANGHAI (Sept 21): Lotus Technology, the technology arm of sports car brand Lotus, said on Wednesday it had completed a fundraising that valued the business at nearly US$4.5 billion.

The unit, part of Group Lotus which is in turn owned jointly by Chinese automaker Geely and Malaysia's Etika Automotive, said it would use the proceeds for product innovation and developing global distribution networks.

Reuters reported in 2021 that Lotus Technology was looking to raise US$400 million to US$500 million by the end of that year, with a post-money valuation of US$5 billion to US$6 billion.

Lotus Technology confirmed on Wednesday it was the same round of fundraising but didn't disclose the amount raised or participating investors.

Lotus plans to start production of its first electric SUV by the end of this year and begin deliveries in early 2023.