Shanghai (ZXZC)- Lotus Technology, which develops high-end all-electric smart cars for Lotus brand globally, was officially founded on August 31. Meanwhile, the company broke ground in Wuhan Economic & Technological development Zone for its global headquarters.

Lotus' global headquarters in Wuhan (concept image); photo credit: Lotus

Involving an investment of 6.3 billion yuan ($974.086 million), the Wuhan-based headquarters are expected to start operation in 2024. It will leverage resources of Lotus' R&D and design facilities in China, the UK, and Germany to build premium intelligent BEVs for global markets.

Besides, Lotus Technology plans to plow 8 billion yuan ($1.237 billion) in factory construction and 12 billion yuan ($1.855 billion) in R&D of products and technologies. 

The newly-founded company announced on spot that it plans to launch three all-new smart full-electric models over the next five years, namely an E-segment SUV code-named Type132 in 2022, an E-segment four-door coupe code-named Type 133 in 2023, as well as a D-segment “all-electric intelligent new species” code-named Type 134. This trio will be joined in 2026 by an all-new electric sports car, Type 135.

A separate factory already under construction in Wuhan, with an annual capacity of 150,000 cars, will soon be completed and start production later this year. It is Lotus' first production site outside the UK.

Lotus Technology recently signed an investment pact with NIO Capital, an investment arm of EV startup NIO, to jointly explore collaboration in areas including high-end intelligent EVs, Lotus said in a statement.